Coffee tests level of 119 cents on ICE Futures US

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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.

(graphic: CFTC)

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.