Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
Since the opening the market has been quiet and soft. Any buying has been checked by selling. There are 487 TAS offered which are likely related to rebalancing and will probably be taken as the day goes on. The depth of market is thin to moderate and equally balanced. Systems funds will be buyers later in the morning but should reverse below 126.00 if the market were to go there. The arb is 49.63 and spreads in RC are on the weak side. In KC the spreads are offered in MarMay only but remain bid across the rest of the board. USDBRL is 3.2405 +.0113 and COP closed on Friday at 2905.55 +18.36. DX is higher as most major currencies are down against the $. After a sharp drop, bond futures have resumed climbing higher. Most metals are slightly lower but steady. Oil is higher and equities are unchanged. Sugar and cocoa are lower while cotton is higher and trying to recover from Friday’s drop.
The COT seems to reveal the large spec short position as well as an urgency to sell the market both with new sales and old. The market remains heavy for now.