january 30, 2023.
Arabica coffee futures although dominated by the spreads for one more session with 15,060 switches, had an active day on a moderate range of 460 points trading a total volume of 53,706. NY market had a slow start attempting to break above Friday’s highs, but the momentum was caped by the weakness in the Brazilian Real and a slightly positive dollar. Tomorrow marks the start of the Fed's first meeting of the year. The market is already pricing in an increase of 25 basis points, but the interesting thing will be to listen to the official announcement, to get an idea if the Fed will leave behind its restrictive policy. The most active contract for march delivery closed with small gain of 50 cents to 170.40 cents a pound. Certified stocks increased 6,945 bags to 852,720. Pending decreased 8,775 to 87,799 bags. Grading today 20,800. Passed 8,775. Failed 12,025 bags.
Robusta MAR23 contract settled at $2037 -16 with a 2043/2029 range. Slow start to the week with flat price struggling to keep the momentum from last week. We are now hovering above some key technical areas and with a pause in momentum up here we may see a slight correction back to test those levels, in particular $2000. Volumes were above average at 11.4k on the most liquid contract with nearly 5k Mar/May spreads trading between 27/36. If this spread continues to soften this will aid a flat price correction. Mar23 2025/1925 put spread vs 2038Δ30 traded 3000x @ 31, May23/Jul23 -55 calls vs 30Δ100 traded 1000x @87
Leave a Reply.