The December to January contracts arbitrage between the New York and London markets broadened yesterday; to register this at 54.66 usc/Lb. This equates to 46.6% price discount for the London Robusta coffee market.

The Certified Robusta coffee stocks held against the London exchange have been reported to decrease by 15,500 bags over the weeks of trade leading up to Monday 25th November, to see these stocks registered at 2,594,667 bags, on the day.

The Certified washed Arabica coffee stocks held against the New York exchange were seen to decrease by 2,487 bags yesterday; to register these stocks at 2,146,435 bags, with 87.5% of these certified stocks being held in Europe at a total of 1,878,405 bags and the remaining 12.5% being held in the USA at a total of 268,030 bags. There was a larger in number decrease to the number of bags pending grade to this exchange, by 6,135 bags; to register these pending grading stocks at 47,788 bags.

The commodity markets were softer in trade yesterday, to see overall macro commodity index taking a soft sideways track for the day. The Sugar, Coffee, Copper and Orange Juice markets ended the day on a positive note, while the Oil, Natural Gas, Cocoa, Cotton, Wheat, Corn, Soybean, Gold and Silver markets ended the day on a softer note. The Reuters Equal Weight Continuous Commodity Index that is related to 17 markets is 0.5801% higher; to see this index registered at 403.3900. The day starts with the U.S. Dollar steady and showing some degree of buoyancy, trading at 1.293 to Sterling, at 1.101 to the Euro and with the US Dollar buying 4.264 Brazilian Real.

The London and New York markets started the day yesterday trading around par, both markets maintained this firm modest stance for early trade before encountering selling pressure to dip into negative territory into the early afternoon trade. As the afternoon progressed Both the London and New York markets maintained this soft stance before gaining some degree of support towards the back end of trade, the London and New York markets continued on this modest firm path to close near to the highs of the day.

The London market ended the day on a modest positive note, and with 60.87% of the earlier gains of the day intact, while the New York market ended the day on a likewise positive note, and with 78.05% of the earlier gains of the day intact. This close, and with the Brazil Real marginally weaker once again, does little to inspire confidence and one might expect the markets are due for only a hesitant near to steady start for early trade today, against the prices set yesterday, as follows:

LONDON ROBUSTA US$/MT                                  NEW YORK ARABICA USc/Lb.

JAN 1381 + 14                                                              DEC 117.30 + 1.60
MAR 1402 + 11                                                            MAR 118.45 + 1.60
MAY 1415 + 10                                                            MAY 120.75 + 1.60
JUL 1433 + 8                                                                JUL 122.65 + 1.55
SEP 1451 + 8                                                                SEP 124.30 + 1.50
NOV 1472 + 9                                                              DEC 126.45 + 1.45
JAN 1494 + 9                                                                MAR 128.70 + 1.40
MAR 1518 + 9                                                              MAY 130.25 + 1.35
MAY 1541 + 9                                                              JUL 131.85 + 1.35