Happy Monday to all,
We had some rain come and break a hot streak we were having after which the weather turned as nice as we get for a July summertime weekend. It continues this morning. Hot or cold coffee this morning, it’s your pick either would work. I’m writing this with my favorite brewed Colombian hot next to me. In fact it’s time to get another, I just finished the last mouthful…
…and I’m back. Last week was another interesting week that was. We had a bit of consolidation in the trading until the last day, Friday when we had a decent sell off. All in all it’s interesting to see the Sept close was 15900 on June 30th and as of this morning, it’s hasn’t moved far from there a full month later.
The COT issued on Friday July 28 for trading as of Tuesday July 25 showed the long fund sold 279 lots to be 23,788 lots long while short funds bought 1683 lots and now stand at 38,658 lots short which is still a fairly high number. Trade was the offset.
The Brazilian Real continues a bit stronger again today at 4.72450 and the Colombia Peso is weaker at 3913.3
ICE stocks stand at 528,752 bags with nothing pending grading at the moment.
All in all, just a sideways week of mostly consolidation as above. We still like the market here and think it can rally into the mid 170’s once the short funds start to buy some. We might have seen that start last week let’s see what this week brings.
How can we be of help today?
All the best,
The Armenia Team