Arabica coffee futures traded in another 650-point day range, making new highs at the beginning of the session, and giving back most gains from Friday after a probable cold front expected for May 13th showed temperatures less harmful for the crop. Weather will continue to be monitored as participants are trading in oversold territory on the daily charts. The area of 184.00 continues as a point of consolidation. The most active contract, JUL23 settled 410 points lower at 183.95 cents a pound. U.S. consumer credit rose much sharply than expected in March, with Friday's reading showing an increase of $26.51 billion, well above market expectations of a $16.8 billion and marking the largest increase seen since November. February was also revised higher to show an increase of $15.29 billion. Later this week we have US CPI on Wednesday and PPI accompanied by jobless claims on Thursday. Arabica certified stocks decrease 2,141 bags to 655,156 bags. Pending grading 0.
0 Comments
Arabica coffee futures marked the daily low early in the session at 182.80 for the Jul23 contract, only building thereafter and finding further momentum at key level this week of 184.00 with support from early warnings of a probable cold front arriving in Brazil at the end of next week, May 13. The weakness in the dollar and the bounce in crude added to the fuel in the broader commodity complex. The US economy created 253K non-farm payroll jobs in April, up from 165K the previous month and considerably above analyst expectations of 178K jobs. The unemployment rate fell to 3.4%, down from 3.5% the previous month, and below analyst expectations that it would rise to 3.6%. Arabica certified stocks decrease 2,027 bags to 657,297 bags. Pending grading 0.
|
|