Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
Although the volume was very light yesterday, the flat change in OI still indicates new vs. old. It is difficult to detect the systems in this market but I believe that they are present and are providing support. If so, then the OI represents new selling going to the systems who are covering. If not, then it is fresh buying by specs as longs liquidate. Today the buying is consistent and methodical which has touched off some stops. The first leap above 123.00 was caused by over 400 lots having been purchased. The market moved a mere half a cent to set the then high of 123.30 signifying the buying potential as well as the equally determined selling. Nevertheless the market remains steady and is undaunted by the resting offers which are accumulating to 124.00. There are resting bids as well in the vicinity of the current price of 123.10. London is holding with the arb at 44.40. USDBRL is 3.2992 -.0128. Sugar and 60.00 level again. Brent has climbed to around $7.00 over WTI.