My Development as a Commodities Trader: TRADE UPDATE: COFFEE ROBUSTA 2008-09-23
I closed half my short at 1717 today (+263 points). The Jan Contract is will be on notice day from 2nd Jan 2009 (i.e. shorts can issue delivery notice). In addition Liffe has discontinued 5 tonnes (D) contract and replaced by a 10 tonnes contract (RC) so DF9 is the last contract to trade in this series. March contract (RCH9) is trading at 1550 today while DF9 has been very volatile lately as the shorts are squeezed and then longs are squeezed before every one tries to close their positions. However I feel that shorts are in control. The last trading day would be 30th Jan 2009 and I would aim to come of this position fully by then. As of now I am not planning to roll over this position to March.
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-VS