Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
Attempts to sell the market down have all seemed to attract buyers. Presently the market is steady but remains very quiet. Yesterday's weakness proved to be daytrade pressure as short-covering brought the market back to 138.65 on the post-close. The depth of market is clear at these levels with the exception of some bids in Dec and Mar. Selling begins closer to 140.00 in Sep. Funds will be buying as expected to cover shorts. They will not reverse unless the market drops to 134/132, theoretically. London spreads have come off a bit but NovJan is holding at 22 premium. The Sep arb is 41.47. The Real was steady yesterday and BRL stands at 3.1262 today while the COP is 2966.93 -.63. After a strong day, bond futures are trailing off a bit today. Currencies are mixed but are rendering a lower DX. The € continues to be steady. Metals are lower but trying to make up yhe overnight losses. Palladium is higher however. Grains and equities are higher while oil is unch after yesterday's drop from 50+. Sugar and cocoa are lower while cotton is higher.