New York
Over the course of the week not a dramatic change, up 0.40 c/lb (+0.20 %). Volume was down in comparison with the previous weeks and the outright volume was down significantly. Open interest decreased by -4,781 lots (-2.08%) indicating market participants were leaving the market.
London
A short week this week in London with the bank holiday, the market ended the week down $ -101 / MT (-2.85%). Increased volume on the Tuesday when the market had the biggest move. Volume was elevated in comparison with the previous week especially for the outright volume. The open interest hardly changed which is neutral indicating that there were no significant numbers joining or leaving the market.
Coffee Commitment of Traders
New York
The Managed Money (MM)reduced their net long position by -8,824 lots, their net position now stands at +60,824 lots. This is a long way off their recent highs and whilst it is still elevated the numbers are withing more normal parameters. -13 MM traders left the long side of the market and +10 MM traders joined on the short side.
At the same time the Producer Merchants also reduced their net short, +7,362 lots making their net position -53,955 lots.
London
The Managed Money in London reduced their position significantly, reducing their net long position by -7,156 lots making their net long position +23,849 lots. This number is well within what we can expect from the MM / what we have seen over the last three years. It is worth considering that the significant reduction in the long was achieved in a shortened week. -11 MM traders left the long side and +2 traders joined on the short side.
At the same time the Producer Merchants reduced their net short position + 14,332 lots making their net position -27,055. This is a small position in comparison with long term averages. It should be noted that the PM long increased by +4733 lots whilst at the same time the short was reduced by – 9,599 lots.