Coffee Finds Support

Coffee C futures (symbol: KC) find support at $1.0095/lb on 08Nov13. Reference our previous post of 18Oct13 recommending a trading range of $1.00-1.50/lb (http://murphycofutures.com/coffee-prices-exhausted/).

Coffee prices have challenged and broken the minor downtrend line dating back to 4Q12.  Volatility continues to moderate. Volume picked up substantially with the bounce off the $1.00/lb critical support level.

Coffee C Chart, 19Dec13

We continue to expect prices to spend a substantial amount of time in the $1.00-$1.50/lb range. Price should work its way in a direction to test the major downtrend line originating in May11.

Murphy & Co’s Coffee model exited a short position on 13Dec13 with a $0.274/lb profit, representing a 20.2% return on notional values. Murphy & Co’s Coffee model is currently flat, holding no positions. To learn more about Murphy & Co’s position models, visit http://murphycofutures.com/position-models/.

Posted in Ag/Softs, Coffee C, Uncategorized Tagged with: , , ,

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