NY- Sell (3)- With the market being driven from macro trends rather than coffee fundamentals, Friday saw losses once more as a result of greenback strength. The commodity complex as a whole is suffering from this recent upside trend in the dollar and for the time being, this looks likely to continue. Jobs data was mixed and cancelled each other out; non-farm weakness came in combination with an improvement in the US unemployment rate. EU periphery woes continues to be reported in the press in the weekend and this is likely to be at the forefront of traders minds today. In terms of Euro weakness then and potential dollar strength, we see the prospect of further losses in the 'C'. To the downside, support lies at 128, 126.5 and then 123. To the upside, 130 followed by 132 should provide an upside cap.
Liffe- Sell (3)- Losses continued Friday as specs probed for stops below 1300. The dollar momentum appears firmly set and, as in NY, we see Liffe under pressure once again. March closed on 1295, important support, and in the absence of any positive fundamentals, the contract is unlikely to breach 1295/1300 today. To the downside, 1250 is the next talked about support level.
Market Information
Key to Recommendations
Do visit our main website:
About us
- Equatorial Traders
- At Equatorial Traders we do not see coffee merely as a traded commodity. Our strength lies in the network of relationships we have built up over the last 16 years, covering all parts of the globe. Our main sources are: Brazil, Costa Rica, Ethiopia, Guatemala, Honduras, India, Kenya, Nicaragua and Tanzania. We also source a number of "Exotic" coffees for our clients.
