Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
The high was set at the opening as buying emerged but was met by selling. Weakness has prevailed since and the market is now drifting into good buying. There are bids on the way down in March and in the forwards extending to Dec18. Although other market reports are stating that funds are still selling, imo there may be funds or other spec sectors or even commercials possibly pressuring the market but the buying has been systems funds. If so, this buying will enter the market later in the morning. Spreads bid continue to be hit out to Dec19, indicating resting forward bids. OI has been indicating new vs. old which I believe is short covering and new selling. RC is also quiet as the Jan arb is 42.80. JanMar is flat. The Real can’t make up its mind. The USDBRL is 3.3205 +.0112. The COP closed yesterday at 2965.98 +8.23. Currencies are mixed and the $ is slightly up. Bond futures have also been quiet and flat but metals seem to be itching to continue higher. Oil is down today and equities are slightly higher. All softs are lower.