Good morning and happy Monday to all of our friends,
An absolutely glorious weekend here, we finally got 2 days without rain on the weekend here in the Northeast. Put a little cold brew on the menu? It may be time.
The week that was, was an interesting one, to say the least. Early part of the week saw the market cautiously extend the rally, but when we came to Wednesday, oh boy, the bottom dropped out as specs stopped buying and there was no one there to take their place. From a 1.0560 high to a .9790 low and a .9910 close it’s been a while since we saw that kind of action packed into one trading session. The rest of the week were just “inside days” as the market consolidated, trying to figure out what’s next.
Want proof that this rally was fueled mostly by short covering? Net short fund fell in the NY C from 64,418 on May 28th to 40,727 on June 4 (a decline of 36.8%), and in London from 34,893 to 25,846 for the same dates, (a drop of 25.9%).
We have word our next FTO Sumatra is on the water, due July 5th in NY. They are joined by some Kenya coffees, picked specifically for our customers by our traders here, expected to arrive in NY on June 21st. They join our selection of PNG Sigri Estate AA, B and PB already in Continental, FTO and SHG Honduras Marcala, the last 55 bags of our Panama “Don Vincente”, Tarrazu “La Pastora” and Guatemala Antigua “Pastoral”.
We have a little bit of fun for you this week, something Dave here found and shared with the group. We’re sad to say the majority of us seemed to miss the same one, how will you do?
We’re expecting some rain today, but we have the 2nd pot already going here, cranked up and ready to serve. How can we help you today?
The Armenia Team