Coffee Traders Forum
[ Post a Response | Coffee Traders Forum ]
Posted by Tango
on November 4, 2019, 6:49 am
Selling was present in both markets at the opening. Since then it's been quiet with some weakness present that set the low for the session thus far. Prices are now holding and feeling prepared to resume Friday's strength. Whether this will prove correct depends on 8:00 or so as short covering by funds is likely to continue. The OI has been showing marginal changes indicating that new activity is taking place as well, and likely on both sides. The roll continues as well as the squaring of books for Friday's option expiration. The depth of market is balanced except for a couple of select forward months where scale down buying is present. The front spread is on the soft side as less contracts are needed to be rolled forward by shorts as they cover outright. Several sectors may be long spreads in anticipation of fund rolling. RC spreads are also softer and the arb is 43.78.
Currencies are mostly lower against the $ but BRIC markets are higher. USDMXN is 19.0729 -.0313 (-.1638%). USDCOP is unchanged at 3318.50 and USDBRL is 3.9882 -.0015 (-.0376%).
In other markets, bond futures are lower as equities and metals are higher. Crude is higher as is cotton while other softs are unchanged.