|The March to March contracts arbitrage between the London and New York markets narrowed yesterday, to register this at 49.83 usc/Lb., while this equates to a 35.09% price discount for the London robusta coffee market. This arbitrage remains an attractive factor for the roasters who have considered robusta coffees to be an opportunist discount component, within their mostly arabica coffee blends.
The Certified washed Arabica coffee stocks held against the New York exchange rose by 221 bags yesterday; to register these stocks at 1,259,974 bags. There was meanwhile a larger decrease at 3,209 bags to the number of bags pending grading for this exchange; to register these pending grading stocks at 16,418 bags.
The commodity markets were mixed in trade yesterday, the influential Oil markets slid back from the gains posted over the past few sessions and the latest round of data reported crude oil production to be higher out of most major export regions. The U.S. Dollar registered a stronger day with a positive day for Cotton, Corn, Soybean, Sugar and Platinum markets although a softer day for Cocoa, Coffee, Copper, Wheat, Gold, Silver and Palladium. The Reuters Equal Weight Continuous Commodity Index that is made up from 17 markets is 0.015% higher; to see this Index registered at 425.659. The day starts with the U.S. Dollar trading at 1.266 to Sterling and 1.072 to the Euro, while North Sea Oil is tending steady and is selling at 52.04 per barrel.
LONDON ROBUSTA US$/MT NEW YORK ARABICA USc/Lb.
JAN 2039 – 25 DEC 137.95 – 2.25