Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
The drop in the OI for the first time in a while, and in an up market, indicates fund covering, likely systems, and long liquidation. The selling was vigorous yesterday and it is equally vigorous today. However, it seems that we have a confirmation that the systems funds are covering. It should be bullish but we have seen this before where the buyers cannot fully accommodate the long sellers. RC is providing pressure as the arb has climbed to 43.07. 328 TAS Are offered in March. No change in the USDBRL at 3.2878 nor in the DX which is down for the day. Bond futures are recovering from a sharp drop. Holiday mode.