Yesterday’s late buying in New York spilled over to today’s opening as the market traded to the high of the day of 14305 (+195) by 5:40 a.m., before most traders in the western hemisphere manned their desks. B7y 8:30 had you already sold you weren’t given the chance to sell the market above 14235 for the rest of the session. Nonetheless short term specs took advantage of the bounce off of yesterday’s lows and the market held 140 as the selling dried up and London caught a bid. Yesterday’s Robust COT report showed the commercial position to be at its smallest long since November of 2014 while the pullback to 1765 has inspired them to be more active buyers, certainly more active than we have been seeing in New York. The physical market is reported to be in a summer lull, which, coupled with a sideways real, has kept Brazil hedging activity to a minimum. In a nutshell the day lacked catalysts as news was light, the dollar little changed to slightly weaker, and the CRB a mixed bag, ergo the smallest range in New York Coffee since the 2nd of June and the lightest volume since June 23rd.
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