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COT Comment *PIC*

Happy New Year All,

Things have been calm this week. Changes:

- hedgers (in red) added 7,400 longs and 2,700 shorts. Net - 4,800 to the long side;
- non-hedgers (in orange) added 600 longs and 4,500 shorts. Net - 3,900 to the short side;
- managed money (in yellow) added 900 longs and 1,800 shorts. Net - 900 to the short side.

3 funds left bulls, no changes to the number of the funds shorting coffee.

Net position indexes (in green) show some bullishness by both hedgers and managed money. However, net absolute values of managed money were negative 900 so changes to index (which is net/OI over 52/156 weeks) are purely related to arithmetic not to anything else.

OI index (in blue) added.

Market participation (in purple) shows that speculators are giving up part of the market to hedgers.

It is not easy to comment market during this slow short week. Indicators show first signs of market recovery however at this stage signals are weak and cannot be relied on.

GL&GT.

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