Coffee tests the resistance at about 119 cents a pound on ICE Futures US, seeking fresh air to continue the rally, which began in mid-October but gained new intensity at the end of last week. The dynamism of earnings was driven by a strong action by funds. These agents converged their positions towards neutrality, moving from a heavy net portfolio sold to close on November 19th with only 1,062 net short contracts.
Coffee must remain volatile and subject to correction if it fails to beat the resistance at 119 cents. In general, it seeks to consolidate a new level of performance. The Thanksgiving holiday in the US on Thursday leaves traders without the New York benchmark, which removes liquidity from markets.