Coffee Prices Up 450 Points--Up 25% From Lows In 2 Weeks
Coffee Futures--- Coffee futures are higher once again for the 4th consecutive trading session up 400 points currently trading at 186.40 a pound near session highs also hitting a fresh 8 week high on continued short covering as traders believe that the recent lows are in for the time being. I have been bullish coffee prices in recent blogs and I believe coffee is headed higher with all of the other soft commodities which seemed to have bottomed including sugar, orange juice, and cotton all looking to go higher despite a sharply strong U.S dollar this morning against the major currency still not having an effect on many commodities, thinking that the selloff were overdone on the European pessimism. I would not be surprised if coffee took a pause at these levels after all we are up over 25% in two weeks which is a terrific rally but look for coffee futures to continue to grind higher despite what the U.S dollar does. The next major resistance is 195 a pound which was hit about three months ago and after that you could possibly head all the way back into the 220 level especially if the United States implements QE3 which could be a possibility in the next couple of months. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
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