As the holidays advance, next we look forward to the changing of the year. With plenty of challenges behind us, and a light at the end of this long tunnel, 2021 brings with it hope that we can move closer to what we remember as normal. Surely wiser for the obstacles overcome. We look forward to 2021, and the hope we’ll soon be able to share a great cup of coffee with you again.
The short market week, only 3 2/3rds trading sessions, brought with it consolidation. Breaking through overhead resistance 12500 on Monday, we struggled on both sides of the market thereafter. Origin was an aggressive seller as the market advanced. Spec based buying surely was supportive, though we don’t have confirmation in the form of the COT which will only be released tonight because of the holiday.
ICE warehouse stocks continue to grow with the help of Brazil now up to 343,121 bags of the 1,396,226 bags total.
Support remains underneath 12000 and overhead resistance rests at 13000.
We remind that this is again a short week with most warehouses closed on Friday for the New Years holiday. Many others will work with part staff or from home on Thursday. Logistics have been hard here in December and will continue to be especially difficult this week. Let us know if we can be of help and we’ll try our best to do so.
2020 was tough but we’ve come this far.
All the best,
The Armenia Team