Coffee Prices Higher 3rd Day In A Row

Coffee Prices Higher 3rd Day In A Row
Coffee Prices Higher 3rd Day In A Row

Coffee Futures—Coffee futures in the December contract is trading slightly higher for the 3rd consecutive session up 25 points at 107.20 a pound reacting pretty neutral to the fact that Pfizer has come up with a Coronavirus  vaccine.

Many commodity sectors are higher today except for the precious metals as this is good news for demand going forward as I still believe the 100 level will hold. I have been recommending a bullish position over the last several weeks from around the 109.55 level and if you took that trade continue to place the stop loss under the contract low standing at 96.90 as an exit strategy, however later this week we will have to roll over due to expiration taking place. 

Coffee prices are still trading below their 20 and 100 day moving average as the trend remains to the downside despite the fact that prices are right near a 3 week high, however I do think prices are in a bottoming out process so stay long and if you did not take the original trade I am still recommending it at today’s price level.

Fundamentally speaking crop and infrastructure damage in Central America from Hurricane Eta fueled gains in coffee on Friday after crops and roads were damaged from the storm. Central America and Mexico account for about 10% of total global coffee production. 





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