|The May to May contracts arbitrage between the London and New York markets broadened yesterday; to register this at 68.53 usc/Lb. This equates to 54.56% price discount for the London Robusta coffee market.
The Certified washed Arabica coffee stocks held against the New York exchange were seen to decrease by 8,043 bags yesterday; to register these stocks at 2,030,860 bags, with 90.4% of these certified stocks being held in Europe at a total of 1,835,747 bags and the remaining 9.6% being held in the USA at a total of 195,113 bags. There was meanwhile no change to the number of bags pending grading for this exchange; to register these pending grading stocks at 0 bags.
The commodity markets were firmer in trade yesterday, to see overall macro commodity index taking a firm sideways track for the day. The Cocoa, Coffee and Sugar markets ended the day on a positive note. The Reuters Equal Weight Continuous Commodity Index that is related to 17 markets is 3.5415% higher; to see this index registered at 346.9988. The day starts with the U.S. Dollar steady, trading at 1.184 to Sterling, at 1.081 to the Euro and with the US Dollar buying 5.099 Brazilian Real.
The London and New York markets started the day yesterday trading on a modest positive note, both markets continued on this positive track into the early afternoon trade. As the afternoon progressed the London and New York markets started to attract selling pressure to drop back slightly before a late in the day rally to close on a positive note.
The London market ended the day on a positive note and with 81.25% of the earlier gains of the day intact, while the New York market ended the day on a likewise positive note and with 87% of the earlier gains of the day intact. This positive close might inspire some degree of confidence to possibly set the markets for a hesitant steady start to early trade today, against the prices set yesterday, as follows:
LONDON ROBUSTA US$/MT NEW YORK ARABICA USc/Lb.