Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
The change in OI is again low relative to volume. There is certainly short covering and long liquidation but there is also new vs. old. The last COT showed over 6,000 new sales of which 2,000 were commercial and the rest specs. Is this pattern continuing or is there new buying side by side with short covering and long liquidation? Today the market continues to be suppressed from rallying as it is trying to climb above 130.00. Systems short covering is consistent but they may need a little help from other sectors. The arb is 50.13 and the USDBRL is 3.2509 - .0082. Other currencies are quiet but bond futures are steady. Although softs are generally quiet other markets are quite steady. We have just penetrated 130.00. The market continues to be steady.