Sucden Financial Coffee Morning Comment

Good morning,
 
We began the week on a bit of a neutral note for KC really, the consensus was decidedly more bullish than the market reaction that eventually saw a small downtick on the settlement. Robusta meanwhile came under a bit of pressure upon a decidedly bearish COT.
 
Options volumes were notably reduced in Robusta, Arabica meanwhile saw some good size, much like the futures contracts (a mighty 11,399 ots of the H/K structure traded between -2.20 and -2.35) 
 
In macro news, the dollar rallied against most major currencies, with the exception of JPY. Oil also lost ground, as did metals. U.S. oil inventories probably expanded by 800,000 barrels last week, a Bloomberg survey showed ahead of API and EIA data due today and tomorrow, respectively. That would be the first increase in 11 weeks.
 
At time of writing, London Robusta (March) is showing 1760 (+$3) and Arabica (March) is showing 124.55 (-0.40).
 
Currencies (Bloomberg)
GBP – 1.4001
EUR – 1.2350
BRL – 3.1555