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Sunday, June 30, 2013

Weekly Coffee Futures Update

Coffee futures closed slightly lower Friday afternoon basically trading unchanged for the week still trading below their 20 and 100 day moving average right near fresh 3 year lows settling last Friday at 122.35 and going out today around 123.00 a pound continuing its bearish momentum.

The chart structure in coffee is starting to improve and I still am recommending short positions thinking prices could drop all the way down to the 100 level in the coming months as the commodity markets in general look very pessimistic in my opinion as higher interest rates and a rising U.S dollar are keeping a lid on prices at this point in time.

The weather in Brazil is outstanding with a record crop which should put more pressure on prices as the frost premium is simply coming out of the market as traders are looking for a possible bottom in the near future.

Posted courtesy of our trading partner Mike Seery

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