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Posted by Tango
on June 12, 2019, 7:03 am
RC began the day with selling and strengthened when KC opened which rallied to the morning’s high so far. It has since drifted lower and remains unable, for now, to recover from yesterday’s sharp end of day drop. September has replaced July both in volume and open interest. July still has some way to go before it is n longer viable with an OI of 80,228 and with options expiration tomorrow. The depth of market shows good bids from September to the forwards. 8:00 should bring buying from shorts and selling from longs with intensity to be observed. For now the market is staying around the 97.50 strike and showing a little weakness.
The $ has been slowly climbing and erasing any gains by other currencies. The Yuan and other emerging markets are lower as well against the $. USDMXN is 19.1379 +0.0129 (+0.07%), USDCOP is 3,254.00 -0.89 (-0.0273%) and USDBRL closed at 3.8569 and the CME shows a value of 3.8548.
Bond futures ave been steady and metals are reacting to them except for copper which is down with equities. Crude is sharply lower. Grains and sugar are lower while cocoa and cotton are higher.
Our market continues to be weak and may attract put writers to fully hedge.