The long arms of the Crude Oil recovery also affectet the coffee traders. They are holding over the support line at 155-160 cents, but the trend remains down.
How long will the market hold this level?
Fundamentally, after 2 years of production deficit and with the risk of a third bad year in a row (first time since 1965), coffee could easily recover to over 2.00 dollar per lb.
Technically seen, there is no doubt...The downtrend continues to approx. 135 cents/lb.
Who's gonna win...Fundamentals or Technicals?
www.swisscommodity.com
How long will the market hold this level?
Fundamentally, after 2 years of production deficit and with the risk of a third bad year in a row (first time since 1965), coffee could easily recover to over 2.00 dollar per lb.
Technically seen, there is no doubt...The downtrend continues to approx. 135 cents/lb.
Who's gonna win...Fundamentals or Technicals?
www.swisscommodity.com