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Coffee Traders' Forum

OI/Market *PIC*

Slightly higher total OI indicates new vs. old. The roll looks like it’s on its way by looking at the May and July changes. Forward buying as the market softened yesterday is new and likely consumer. Very likely there was short covering yesterday that provided strength and new funding sold. Probably all sectors are participating to some degree in spite of the narrow range. Today we see MayJul at -2.00 bid and JulSep-2.15 bid. RC is holding with KC at 37.00 arb. The market is experiencing resistance but is remaining steady. The Real is correcting a bit as USDBRL is 3.3520 +.0108 as the $ is weakening. For this COT period the market is down 2.30 and the OI is up 4,153 lots.

RC yesterday was steady and the OI shows an increase which is likely commercial but could be large traders buying from new MM shorts.