Happy Monday to all, especially our Muslim friends who are at the end of their Ramadan fast.
Another “follow the bouncing ball” week. Most of the front of the week were steps lower on light volumes, affected by a strong dollar, and the global economy. The week ended higher as sellers were less aggressive.
On the technical side, the market tested and broke the normally important 200 day moving average, but there was a muted reaction owing to the decreased trading volumes the market saw last week. Looking at the COT issued on Friday for trading as of Tuesday, April 26 showed long funds sold 716 lots while short funds bought 593 lots meaning the fund activity net for the week was a “whopping” 123 lots, we haven’t seen that little activity in the category in a long time. Trade sold about 1300 lots.
ICE Coffee warehouse stock ended the week at 1,118,600 bags with 16,221 bags pending. To date there have been a total of 381 notices issued against the May contract.
On the fundamental side talk that rains in Colombia have been too much, in quantity and
duration. Colombia should be in the heart of Mitaca harvesting but the rains are slowing it
down. You’re as tired of hearing it from us as we are of saying it, but shipping and logistics problems persist world-wide. The price of diesel fuel hit an all-time high this morning in some states. Diesel fuels the movement industry in the USA.
We’ve received some nice, fresh arrivals. Please have a look at the list and speak to your trader about anything interesting.
All the best,
The Armenia Team
Happy Monday to all, especially our Muslim friends who are at the end of their Ramadan fast.
Another “follow the bouncing ball” week. Most of the front of the week were steps lower on light volumes, affected by a strong dollar, and the global economy. The week ended higher as sellers were less aggressive.
On the technical side, the market tested and broke the normally important 200 day moving average, but there was a muted reaction owing to the decreased trading volumes the market saw last week. Looking at the COT issued on Friday for trading as of Tuesday, April 26 showed long funds sold 716 lots while short funds bought 593 lots meaning the fund activity net for the week was a “whopping” 123 lots, we haven’t seen that little activity in the category in a long time. Trade sold about 1300 lots.
ICE Coffee warehouse stock ended the week at 1,118,600 bags with 16,221 bags pending. To date there have been a total of 381 notices issued against the May contract.
On the fundamental side talk that rains in Colombia have been too much, in quantity and
duration. Colombia should be in the heart of Mitaca harvesting but the rains are slowing it
down. You’re as tired of hearing it from us as we are of saying it, but shipping and logistics problems persist world-wide. The price of diesel fuel hit an all-time high this morning in some states. Diesel fuels the movement industry in the USA.
We’ve received some nice, fresh arrivals. Please have a look at the list and speak to your trader about anything interesting.
All the best,
The Armenia Team