MILANO – Arabica coffee futures advanced for fifth consecutive day Wednesday on short-covering. The active contract for July delivery settled 145 points higher at 144.15 cents a pound. News of the cold weather in Brazil.
And the constructive technical performance encouraged the speculative short covering. Temperatures in Brazil were reported by Somar at 10 C. in northern Parana. And falling to 6C. to 4C. in high altitude areas southern of Minas Gerais.
The cold front
It will move further to the coffee belt and will cause temps to fall to 2 C in Pocos de Caldas during the next 24 hours, they said. On the technical action, a bullish sentiment was induced by a firm action and the breaking of the previous high.
However, participants showed cautious as prices approach a key resistance level at 145.00, basis the July position. The open interest decreased 149 lots to 159,403 lots.
Good volume of options was traded.The coffee market was also helped by recovery of the metals and the crude oil market.
The Robusta market finish modestly lowers on speculative selling. The July position settled $4 lower at $2,006 per ton. Volume remained modest at 10,318 lots as prices consolidate inside the $1,966 and $2,034 range.
The nearby July-September recovered $1 to finish at -$25
With little volume as participants anticipate further decline. The Robusta COT report published yesterday showed that non-commercials reduced the net long position to 4,296 lots from 12,963 on April 23.
Commercials switched to a net long position of 305 lots from 19,022 shorts on April 23. Total open interest decreased to 77,036 lots from 99,039 during the same period.
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