Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
The indication on WEBICE is that there is interest for the market to trade at unchanged, 122.60. Of course the opening, which will be at 7:30 EST due to UKs May Day celebration, may invite additional interests. On Friday we saw the market drift lower as bids were getting hit on the way to the low of 122.20. In the meantime, bids had accumulated below this price which indicates support if not an actual bottom. Friday’s action showed a market vulnerable to eager selling in spite of consistent fund short covering. The selling was inconsistent and came in at intervals allowing some elasticity to the upside. In fact the last print on the post close was 123.00. Such is our market. As JuanV has stated, we cannot will the market higher. Nor can we wish it higher. As we see, the selling is serious and intense. We can hope for whatever we want from a market but ultimately it’s about the buyers and sellers. We may see the same support that we saw Friday but for now the pre-opening indications show selling limits decreasing and JulSep activity at -2.35. The RC arb had closed in the mid 41.00 area. USDBRL shows a value of 3.5300 which is where it closed and COP is 2825.40 +5.95. Other currencies are all down against the $. Bond futures are slightly lower but generally flat. Metals feel like they want to go higher but the macros are not allowing them to o so. Oil and equities are higher, sugar is due to open higher while cocoa lower. Cotton which has been open is flying. Pre-opening indication in KC is now unchanged again.