Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
There has been good buying throughout the morning and the depth of market favors the bid side 3:2 with additional bids scattered in the forwards. However the market could not break unchanged this morning. It is currently slowly drifting lower. It is possible that the systems are still buyers depending on what rule is followed, 5 cents from the recent highest settlement or 5 cents from the high of the upward move that we experienced. In the first case the systems would be sellers below 126.00 and in the second their selling woul have been triggered between 126.00 and 126.50, yesterday’s low. Stops down to yesterday’s lows have been satisfied and so we will see what market behavior reveals throughout the rest of the day. For now the market is on the weak side but essentially featureless. London is in pace with New York at 48.43 and spreads in both markets are soft. USDBRL continues to reflect a steady Real at 3.2339 -.0030. COP closed yesterday at 2902.46 -29.69. All other currencies are higher against the the $ but the ¥ is lower making DX unchanged. Bond futures are lower as are most metals. Oil continues to climb and equities are higher as well. Sugar and cocoa are sharply lower while cotton his higher.