The latest Commitment of Traders report from the New York arabica market has seen the Non-Commercial Speculative sector increase their net long position by 10.05% within the market over the week of trade leading to Tuesday 16th April 2024: to register a new long position of 53,433 lots, which is the equivalent of 15,148,019 bags. This net long position has most likely been increased further following the period of firmer trade that has since followed.

The latest Commitment of Traders report from the London Robusta coffee market has seen the Speculative Managed Money Sector decrease their net long position by 9.83% within the market over the week of trade leading to Tuesday 16th April 2024: to register a new net long position of 35,536 Lots which is the equivalent of 5,922,667 bags. This net long position has most likely been increased following the period of firmer trade that has since followed.

The Certified washed Arabica coffee stocks held against the New York arabica market were seen to increase by 7,980 bags on Friday, to register these stocks at 643,090 bags, with 99.67% of these certified stocks being held in, Europe at a total of 641,005 bags and the remaining 0.33% being held in the USA at a total 2,085 Bags. Of this, a total 305,560 bags, or 47.51% of the coffees registered and stored in consumer country certified warehouses of the exchange, are Brazil washed arabica, and a further 17.71% of these certified coffees, originating from Honduras. The pending grading stocks were seen to decrease by 7,365 bags; to register 48,979 bags pending grading on the day.

The July 2024 to July 2024 contract arbitrage between the London and New York markets narrowed on Friday, to register this at 46.78 Usc/Lb. This equates to 20.18% price discount for the London Robusta coffee.

It was a firmer day on the commodity markets on Friday, with the leading in influence Oil market trending firmer on the day. The Coffee, Cocoa, Corn, Sugar, Soybean, Wheat, Gold and Silver markets ended the day on a positive note, while the Platinum and Palladium markets ended the day on a softer note. The day starts with the U.S. Dollar trading at 1.238 Sterling, at 1.066 the Euro and with the US Dollar buying 5.207 Brazil Real.

Brazil celebrated Tiradentes Day yesterday, Sunday 21st April, which may see a few internal market players off the field of play today, taking the opportunity to make it a long weekend.

The New York and London markets started the day on Friday trading south of par on modest softer notes respectively. The markets were seen to gain support during the early morning session to trend in a firmer direction for the remainder of the session, with both markets tracking firmer as the day progressed, albeit under relatively modest volumes of trade. As the afternoon progressed the New York market was seen to make significant gains as speculative buying support returned to the floor, to see the market set a new high for the day. The London market followed suit to likewise set a new highs for the day. The New York market fell back from the earlier highs of the day around the opening of business day in the Americas’, ahead of first notice day on the prompt month, which is today 22nd April 2024, which has seen the New York Coffee Futures market gain over 31.50% in value over the last three weeks of trade. The upward momentum during the morning session brought sellers back to the floor at the highs of the day, to see both the New York and London markets claw back most of the gains of the day and settle on modest near to unchanged firmer notes at the close, with only some of the earlier gains of the day intact.

The London market ended the on a positive note with 12.86% of the earlier gains of the day intact, while the New York market ended the day on a likewise modest positive note, with 9.61% of the earlier gains of the day intact. This modest firmer close for the markets, with both the New York and London markets dropping back from the very high levels seen earlier in the day might indicate some degree of consolidation post the rally seen during the trading week. One might therefore think that the markets are due for little better than a hesitant start to early trade today, against the prices set on Friday, as follows:

LONDON ROBUSTA US$/MT                 NEW YORK USC/LB.

JUL     4080 + 18                                         JUL   231.85 + 0.75
SEP     4013 + 28                                        SEP    230.15 + 0.80
NOV   3916 + 32                                        DEC   228.30 + 0.75
JAN    3800 + 32                                        MAR  227.50 + 0.65
MAR  3719 + 36                                        MAY  226.40 + 0.50
MAY  3655 + 35                                        JUL    225.05 + 0.35
JUL    3580 + 35                                        SEP    222.95 + 0.30
SEP   3521 + 35                                         DEC   220.65 + 0.45