Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
The opening came with buying which has sustained the market throughout these early hours. Volume has been light and offers are beginning to build up. As usual on the upside, large offers are not shown. What is showing is not a problem for systems to absorb when they begin buying at 8:00. What is a problem for the upside is the seemingly competitive selling of the several groups that we saw long in the COT. The systems funds are not programmed to buy in large number and at a rapid rate making the climb higher slow and frustrating. Of course, there are other shorts that may be more eager to cover and stops may be triggered as we go higher and as we are presently observing. The OI will very likely be lower but it would be a pleasant surprise if it came in flat. The Real was weak against the $ yesterday and BRL is starting at 3.1882 unchanged. COP is 2939.60 -14.98. Bond futures are steady and all the major currencies are up against the $. As a result metals continue to be strong. Crude is above 50.00 again and equities are steady. Sugar is unchanged while cotton and cocoa are higher.