Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
A few hundred lots were bought at the opening and the following few minutes to set the range thus far. Yesterday the selling was relentless but the market remained well supported. The depth of market for now is equally balanced with no indication of direction. Both buying and selling increase as market goes lower or higher. A resumption of selling is likely at 8:00 but buyers can easily emerge. The arb indicates a relatively slightly weaker RC at 42.84 but the MarMay spread is 55 premium bid as First Delivery Day is tomorrow. The MayJul on the other hand is at a 31 discount. There are delivery rule changes affecting the spread but they may be already discounted. Other spreads are closer to par. USDBRL is 3.2483 -.0029 while the COP is 2858.00 +3.00. Other currencies are mixed but generally on the weaker side rendering a higher DX. Metals however are steadier as they are interest rate sensitive and bond futures have been steadying after yesterday’s weakness. Oil is slightly lower while equities are flat. Sugar and cotton are higher while cocoa is lower.