february 3, 2023.
Arabica coffee futures fell on Friday as the funds short covering that supported the prices recently became to an end. The most active contract for March delivery settled 510 points lower at 172.80 cents a pound. Long players were disappointed as the market broke the upper consolidation area 9 185- 175) and the support at 175. Commodities in general declined influenced by the strengthened of the dollar. The US currency jumped following the job report, that showed non-farm payrolls added 517,000 jobs in December versus the 180,000 figure the market was expecting. The real of Brazil fell 1.9 % to BRL 5.1525 and the Colombian peso dropped 2.6 % to COP 4,700. Cert stocks were unchanged at 872,853 bags. Pending grading 36,192. No grading today.
In the London market, the Robusta March contract settled $18 lower at $2031 per ton. The action followed the New York but lagging due to a less speculative participation. Robusta ended the week with minimum change returning the Tuesday gains. Market struggle to close above the 8 day moving average at $2037 and has the following support around the area of $2006.
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