Morgan Stanley Coffee Report - December 1'17

KC ended the month of November trading a volatile 525 point session, the widest range since the 19th of September, and settled down 370 points on the day and a negligible 10 points on the month.  The UBB at 132.70 (which has since moved tighter),  100MA at 132.95 and a double top at 132.80 seemed to provide resistance for the early part of the trading day, each being exceeded only by the slimmest of margins before 2400ish lots of selling came to market causing prices to plummet to the bottom of the 525 point range.  Activity was significantly spec centric, with both cynical trade prop desks and discretionary managed money selling into the early strength  How much of the selling was macro related is debatable as equities traded to historic highs and softs (excepting sugar) took it on the chin as the worse performing sector in the CRB index. The month end wild card was fully in play, yet ultimately the market enters the final month of the year tediously range bound.