Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
Reporting period : 2/28/18 through 3/2/2018.
Trading range : 11995 - 12420.
Settlement : 12125 (+0.15).
Total OI change : +12,309.
Commercial shorts to me the big surprise. Recall on 3/1, we had big selling in the 1239-12400 vicinity. Just over 3,300 contracts traded in this area. My only thought, the commercial shorts were indeed selling this level.
Commercial longs added 5,982 new longs . We continue to see downside bids, particularly in the forwards and we can safely assume these are roaster bids.
Fund longs added 1,984 new and we see the addition of 13 new traders in this category. Fund shorts covered a modest 644 contracts.
IMO , this is not the most friendly COT report. We have seen week after week of what I viewed as friendly COT reports. Still, outside of a day or two of minor short covering, we have had very little in the way of a sustainable rally.
This report, IMO, not friendly. I welcome other comments.
I have no conviction in this market but I can not help but think there needs to be a washout to the downside. Whether or not we see that, I do not know. FUND shorts still hold a very a large gross position. Still upside fuel available. Still, something needs to change as we see relentless bouts of selling and we now see it coming from various sectors depending on the level.