MILANO – I dati forniti su Intl FcStone Coffee Group, sono emersi dal report sul caffè dell’Ice. Come si sono comportate l’Arabica e la Robusta? La borsa non promette bene, ma leggiamo ora che cosa riportano i numeri.
Intl FcStone Coffee Group
Arabica coffee futures closed lower Tuesday on speculative liquidation. The active contract for July delivery settled 175 points lower at 144.00 cents a pound.
A disappointed action after the prices failed against yesterday’s highs triggered the speculative liquidation. Mild temperatures forecasted for the main growing areas in Brazil contributed to add the bearish sentiment.
In related news
Conab published the second estimate for the 2013-14 crop. Brazil will produce 48.6 million 60 kilo bags according with the agency.
The crop is forecasted to be 4.4 % lower than the previous year estimated at 50.8 million by Conab, and it will be the biggest coffee crop harvested in an off-year cycle.
The Arabica crop will be 5.1 % lower
At 36.4 million bags and the Conillon will be 2.4 % lower at 12.2 million bags. On the technical view, the July contract is consolidating with resistance at 149.00 and initial support at 139.00. Oscillators with mixed signals are suggesting prices could remain sideways inside the recent range in a near future.
London adopted a familiar pattern
During first half trading with the July/ Sept structure generating much of the flow as the discount narrowed into $19 at one stage as the flat price attempted to exploit the upside in moderate volume. Breaking the highs of yesterday attracted more short term spec buying as the momentum encouraged longs.
More July volatility trades in options
They attracted attention with 2150 Calls against 2060 futures in a clip of 500 lots reminded the market of the growing exposure at that strike over the last week. This appeared the opening trade of a whole sequence of option business which pushed into thousands of lots into the afternoon.
There were calls ranging in strikes from 2150 to 2450, together with almost 3,000 lots of the 2050/2200 Call spread trading between $40 to $46 premium. These trades dominated the London activity on the day.
More evidence of origin selling
It materialized towards last week’s high of 2080 as the session developed. Prices made hard work of trying to move away from unchanged with the volume operating below recent averages.
The performance has not change the interest to the upside as the market continues to feed upside momentum and target the higher marker of 2080.
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