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Posted by Tango
on November 28, 2018, 9:37 am
The change in OI is again minimal but note the EFS which appears to be a new position and very likely contributed to yesterday’s strength. Take the EFS factor away and we have a greater decrease of OI reflecting short covering and long liquidation. The market today is very thin and quiet. There are sectors that are absent, namely, the algos. Whether they return in January is uncertain. We have the rebalancing of index funds to look forward to and will likely increase their KC positions considering the market’s low value, imo. Spreads have softened since the market has weakened. After making a low of 111.75, the market has steadied again. Bids were hit and continue below the low but more scattered than usual. Offers begin at 113.50. Sugar isvery steady. USDBRL is 3.8625 -.0125 -.32 and USDCOP is 3263.43 +1.54.