NOVEMBER 10, 2022.
Coffee futures recovered today in a session that was mostly fueled macro by a small recovery in the USA inflation rate. This resulted pushed the dollar down 2.20%+ giving strength to origin currencies and therefore helping commodities
prices rally. Fundamentally in coffee, weather in Brazil is still expecting good rains that should help the flowering process. Reported directly from CECAFE, Brazil exported 2.8% less coffee in October compared to 2022. Tomorrow we have
option expiration for December NY Coffee. NY coffee Dec/Mar switch settled at 3.30 over with 15k switches done for the day.
The most active contract vs March settled at 167.70 +5.35 with a total volume of 69k lots traded in the session. Technically NY coffee should be looking at resistance levels at 168.55 and 169.60
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