Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
The big increase in the OI is attributed to systems short selling, specs and index buying. Yesterday 3,534 lots were posted as TAS. The day before around 4,300 lots. Whatever the situation, the market is ignoring the index buying and is allowing systems to have control in the absence of any intervention of other groups, for now. Spread bids are getting hit slowly indicating forward buying. The depth of market is now favoring the buy side, just within a penny range of 123.80 5:1. So it feels as if we are forming a base, if not here, not far below. The USDBRL is unchanged from earlier at 3.2476.