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Posted by Tango
on September 10, 2019, 7:16 am
Yesterday’s post-close strength in KC attracted selling on today’s RC opening. KC then opened steady and both markets showed early strength. Since then, KC has met with light pressure. Yesterday the market hit a low of 95.30 and found strength as the OI was released, possibly just a coincidence, but continued build up of shorts may have been the contributor to higher prices. Further gains are of course welcome but we know what the usual scenario is. Presently, the depth of market is balanced with some resting offers building up in the 100.00 area. 8:00 may bring buying but several spec sectors are in the market. Intra day charts may be in order. Long term is a much more uncertain outlook. Technically the market looks more promising than it has been.
The $ Index has been gyrating and is now holding steady as all the major currencies are lower. The Yuan is higher while other EMs are mixed. USDMXN is 19.5585 -0.002 (-0.0102%), USDCOP is unchanged at 3368.70 and USDBRL which closed at 4.0945 is quoted around 4.0990 on the CME. Yesterday there was light forward selling in KC.
Bond futures are lower but recovering. Both metals and equities are lower. Crude and grains are higher. Sugar and cotton are higher while cocoa is a tad lower.