There’s been further gains seen in the Coffee market today, with the commodity extending its recent run higher and looking to make another break to the upside. Price is up by more than 2% on the day. It’s not entirely clear what the catalyst is behind the recent gains although some more short covering is likely playing a role while a 30% Y/Y drop in Costa Rican exports is also seen as bullish.
Price is now up by 33% in the past 30 trading sessions, or 6 weeks, and the market approaching a region (126) that acted as resistance on several occasions last year. Source; xStation
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