Good morning and Happy Monday,
The market continued its march lower, breaking key support around 1.2000 and continuing to this morning. Remembering we asked the question on the rise “what’s different today” and we didn’t really have much of an answer except very aggressive fund based buying, well here on the way down we ask again “what’s really different from the run up” and the only answer we have to that question is that the best buyers have become sellers for reasons of their own.
Last week the market noted about 4000 lots of index fund selling, also a factor in the decline.
From here, the market paused at next support at 1.1600 and next under would be around 1.1000. The market would need at strong rally though 1.2000 to change direction at this time.
We have some Colombians arrived the last few days, waiting on Continental to go get them, some Excelso EP 10, and some DD certified Supremo 17/18. They’ll join our fine FTO Nics, Honduras Marcala, Sumatra Mandheling, Guatemala and Peru. We have some really nice Kenya AA and AB literally just in the warehouse and we thought the outturn samples were really great! We’ve got a few bags of Vietnam Robusta Wet Polished Scr 16 for those who use them.
How can we help you today?
The Armenia Team