Coffee prices were depressed for a long time but have been rallying very strongly recently. The price has just broke $116 and is up 19% over the past month! This stunning rally is taking place despite weakness of the Brazilian real and one may wonder what happens if the BRL recovers. Technically one may notice a large reverse head-and-shoulders formation. Despite recent rally coffee price remains well below the decade average of $152.
Daily summary: Markets on Hold Ahead of Netflix Earnings
⏬Gold loses more than 5%.
Cocoa recovers amid North America grindings data and slowing Ivory Coast export 📈
⏬Silver Plunges Nearly 5%