november 7, 2022.
Arabica coffee futures fell on Monday at the end of a session dominated by spreads trading. The most active contract for December delivery settled 520 points lower at 170.55 cents a pound. The short-term specs took the initiative as soon as they noted price weakness against Friday’s high. The selling accelerated when prices
breached the 170-price level, however the market bounced for the close as there was no follow-through on the selling. Good volume of spreads added pressure on the structures that continue to lose premium, particularly in the back of the curve. Arabica certs increased 3,191 bags during the last week, but still remain at 23 years low. A total of 90,021 bags arrived for grading in Antwerp.
Robusta JAN23 contract settled at $1851 -18 with a 1882/1833 range. A day full of whipsaw, trying to test higher in the early session but unable to get any traction. Some light origin selling seen in the morning but no real roaster buying to support the market as we drifted lower. Currently flat price is stuck in a new 1800/1900 range with little fundamental fresh news to break this. Macro / Spec selling was the main driving force. Volumes were almost half what they have been with only 5.9k lots trading on F3 contract. F/H had a 17/25 range on 1k lots. Mar23 1800 puts vs 1846Δ40 traded 300x @ 72
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