Good morning and happy sunny Monday,
Here in the northeast, we just had an 8th straight Sunday with rain. Good coffee drinking weather.
Well, the market finally woke up a bit, fueled by short term spec buying. As we came out of the previous week, a weather scare here in the beginning of the Brazilian winter brought us up to some shorter term stops, and though the weather turned out to be nothing, the technical impetus was enough to keep the market going. We started off the shorter week on Tuesday with a low of .9265 and rallied every day this week to finish with a high of 1.0530, just short of a complete Fibonacci retracement of the move to the recent low. Good sized option stops helped fuel the rally at .9500 and 1.0000. And here we are.
A stronger Real probably helped the coffee rally. Remember last week we sighted a move to 4.12, well, this week the Real strengthened to 3.91 and that probably discouraged at least a little Brazilian selling. We saw a bit more aggressive offers from Central America and Colombia.
The Guardian reported that coffee lovers can rest assured of the health risks of consuming up to 25 cups of their favorite drink, ever day. Citing research reported by the British Heart Foundation presented at the British Cardiovascular Society conference conducted by experts from Queen Mary University of London. Can I get you another cup?
Fresh Kenya’s, personally selected for you by our team are now on the way to New York. We’re hoping to have some fresh Natural Ethiopia Sidamo Gr 3 afloat in the next few days.
Need FTO? We currently have Nicaragua, Honduras Marcala, Mexican Chiapas in Continental Warehouse, and we have Sumatra on the water due in early July.
Fresh arrivals of New Guinea Sigri AA and PB are in and ready to sample, as are some interesting Brazil Microlots.
We are ready, willing and able to help you, just throw us a line on how we might do that!
The Armenia Team