Coffee settled up 165 points at 102.10, running into resistance around the mid Bollinger band. The DXY was the macro trade du jour, with the currency under pressure as optimism grew around potential US – China trade talks. Options were slow, yet structure remains active with another 6300 ZH trading inside yesterday’s range. Price seems comfortable at these prices with narrowing moving averages, even if traders – particularly those in origin – are decidedly not. London was a pure sympathy trade amidst dreadful human involvement. Even modest orders would send bids / offers into a disappearing act. The active Nov contract gained $38 to 1516, keeping the arb steady at 33.33.
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