The latest Commitment of Traders report from the New York arabica market has seen the Non-Commercial Speculative sector raise their net long position by 47.65% within the market over the week of trade leading up to Tuesday 19th. January: to register a new net long position of 23,646 which is the equivalent of 6,703,536.  This net long position has most likely been increased, following the period of mixed but overall firmer trade that has since followed.  

The March 2021 to March 2021 contract arbitrage between the London and New York markets narrowed on Friday: to register this at 64.63 usc/Lb. This equates to 52.09% 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 17,855 bags on Friday, to register these stocks at 1,588,980 bags, with 94.7% of these certified stocks being held in Europe at a total of 1,504,304 bags and the remaining 5.3% being held in the USA at a total 84,676 bags. There was meanwhile a larger in number 20,820 bags decrease to the number of bags pending grading for this exchange; to register these pending grading stocks at 84,249 bags.

It was a softer day overall on the commodity markets on Friday, to see the overall macro commodity index taking something of a soft sideways track for the day. The Sugar, Cocoa and Coffee markets ended the day on a softer note. The Reuters Equal Weight Continuous Commodity Index that is related to 17 markets is 1.3147% lower; to see this index registered 465.6066. The day starts with the U.S. Dollar, trading at 1.371 Sterling, at 1.218 the Euro and with the US Dollar buying 5.467 Real.

The New York and London market started the day on Friday trading around par on a modest firmer note, both markets quickly attracted a degree of selling pressure to see the markets trend softer for the remainder of the morning session. As the afternoon progressed the New York market continued on a softer path, while the London market gained momentum before hitting a ceiling and dropping back from the highs of the day to see the market settle on a modest softer note for the day.

The London market ended the day on a negative note with 81.25% of the earlier losses of the day intact, while the New York market ended the day on a likewise negative note with 65.75% of the earlier losses of the day intact. This softer close does little to indicate direction, nor does it inspire confidence and one might 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 ARABICA USc/Lb.

MAR 1310 – 13                                         MAR 124.05 – 2.40
MAY 1322 – 13                                         MAY 126.20 – 2.30
JUL 1338 – 12                                          JUL 128.10 – 2.30
SEP 1357 – 11                                          SEP 129.90 – 2.25
NOV 1375 – 11                                        DEC 131.85 – 2.30
JAN 1387 – 12                                         MAR 133.65 – 2.30
MAR 1400 – 12                                       MAY 134.40 – 2.35
MAY 1412 – 11                                       JUL 135.05 – 2.35