Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
Buying was present at the opening and has kept the market above 117.00 in a narrow range as scale up selling is building. Yesterday the buying was strong and persistent but so was the resistance. Spread volume dominated at 70k with a total volume of around 85k. We know that the spreads have been taking over the roll almost exclusively. The MayJul spread seems to be stuck at -2.00 for now. Meantime, RC spreads continue to be steady. JulSep traded up to 11 this morning and is now 8/9. RC is keeping up with the steady KC as the arb is 37.10. The Real gained back losses yesterday and is now unchanged at 3.3291. COP is 2792.00 +.74 while other currencies are mixed making DX a shade higher. Bond futures are now steady after a weak night. Metals are also down but trying to recover. Oil is slightly lower with equities higher. Sugar is unchanged, cocoa lower and cotton higher.
Our market is stuck in a tight range with a steady composure for now. Although resting sell orders are present there is not much additional selling for now but fund selling and long liquidation should be present again with good buying, likely all roll related.