Coffee Traders' Forum - A Discussion about Coffee Futures Trading

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The opening minute established the range thus far. Since then the market has drifted lower and has flatlined in volume. Yesterday the low prices, and possibly the significant commercial bids present, attracted spec buying. Whether it was short covering or new buying, as we have been seeing for seven straight trading sessions, is uncertain. The market remains well supported but, in Dec, offers are also present. In the forwards, there are scattered bids even in proximity of present levels. Although the market is acting relatively well, direction, imo, is still not clear. It is not yet convincing that it will reverse to the upside. If solid spec buying comes in the market can trigger a systems reversal possibly as low as the 130.00 area. For now, systems will be sellers commencing at 8:00. BRL is 3.1541 and unchanged while the COP is 2925.67 -.98. Bond futures continue to get hit. I would think that all the projected Fed hikes for the next year are discounted. Most currencies are lower against the $ but the € and the C$ strength are sufficiently higher to render only a slightly higher DX. Gold continues to be under pressure and is slightly lower. Equities are mixed while oil is lower but seems comfortable above 50.00. Cocoa and cotton are unchanged while sugar is lower. RC is not keeping up with KC as the arb is 38.38 but the NovJan is holding firm at 32 premium.

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Market *PIC*
KC Volatility