Arabica coffee futures consolidate on a small range of 320 points. NY market had little activity prior to 4th of July holiday celebration, the main contract Sep23 settle 150 higher at 160.50 cent per pound. Volume was light with 31,219 lots traded including 7,970 switches. The switch traded on an even smaller range between +0.75/0.95 with a settlement at 0.80. OI on Jul23 contract is at 220 contracts as of Friday, no new delivery notices have been issued, total is at 654. Arabica certified stocks decrease by 320 bags now at 544,595 bags. Pending grading increases by 1,340 bags now at 5,329 bags
The Robusta market ends the session 2% higher as the recent non- commercial pressure eases whilst origin interest remains noted more by absence. Main drivers into the reversal were tapering downside trend strength encouraged the systematic shorts to reverse into a vacuum, which prompted the sep23/ nov23 to move to $105 premium on just over 2,000 lots. Technically, values held the previous sessions low and moved back above the lower Bollinger Band average. A secondary settlement above $2520 will likely trigger a further reversal with next resistance resting at $2678.