|29th September, 2017.
The November to December contracts arbitrage narrowed yesterday, to register this at 40.09 usc/Lb., while this equates to 31.20% price discount for the London Robusta coffee market.
The Certified washed Arabica coffee stocks held against the New York exchange were seen to increase by 804 bags yesterday; to register these stocks at 1,806,221 bags. There was meanwhile an increase by 7,453 bags to the number of bags pending grading for this exchange; to register these pending grading stocks at 88,059 bags.
The commodity markets were mixed following a softer track in trade yesterday, the U.S. Dollar edged lower as fresh proposals of tax reform and the prospects of the potential future impact to the U.S. economy were digested by the markets, while month end economic data anticipated to provide indicators toward the end of the week and to provide a degree of short to medium term guidance. It was a softer day for the Oil markets, Cocoa, Coffee, Orange Juice, Wheat, Corn, Soybean markets and a positive close on the day for Sugar, Cotton, Copper, Gold, Silver, Platinum and Palladium. The Reuters Equal Weight Continuous Commodity Index that is made up from 17 markets is 0.31% lower to see this Index registered at 405.50. The day starts with the U.S. Dollar near to steady and trading at 1.341 to Sterling and at 1.177 to the Euro, while North Sea Oil is steady and selling at US$ 58.37 per barrel.
The London robusta market opened the day on a softer note in good opening activity with New York closely following opening on mildly positive which turned to narrowly softer in early morning although a turn to positive ahead of the business day beginning in South, Central and North America. London registered a steady morning in negative territory. The overall softer sentiment within the commodity sector permeated and with a lack of fundamental news to determine direction for the day, the coffee markets drifted lower to the latter half of the session, when there was a degree of recovery noted for both markets which led to an upward correction which was not quite within reach of par by the end of the day. The markets registered a buoyant close, in London with much of the losses incurred on the day, recovered toward the end to finish just below unchanged in this market. The New York market which had experienced a lower day overall nevertheless remained within a relatively narrow margin between high and low of the day and this market, which similarly posted a recovery toward the end of the session, finished the day around the middles of the trading range. To set the close in both markets yesterday, on a buoyant note after a fairy average volume day, as follows:
SEP 1967 – 3