Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
Big increase in the total OI covers the first five trading months. There could be spread activity but it seems pretty clear that funds are piling it on with new selling. The buyers are likely commercials both in the front and in the forwards. The COT/OI continues to be bullish setup for the market. Further gains depend on the vigor of the buyers and the degree of eagerness of the sellers. Selling has already shifted as dominant in the depth of market. It doesn’t mean that the market can’t rally higher however especially if the algos reverse to provide additional support. USDBRL is 3.2435 -.0175. The $ index complex has reversed to negative as news of the firing of Rex Tillerson. Bond futures firmed as did metals. KC spreads have firmed.