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Posted by Tango
on December 10, 2019, 7:05 am
Both markets opened higher and rose with quiet trading. The Mach arb is up to 66.05 after closing at 64.85. Part of the reason is the relative strength of Jan. The JanMar spread which was trading at -20 or so last week closed at +8 yesterday and is presently +31. KC spreads are not quite as strong and are being led by the outright market. This morning the pre NY opening is particularly steady. Yesterday the market had an 8.80 cent range with outright trading dominating. Activity consisted of EFPs and EFSs extending to Sep22. The market bounced down around 4 cents and we are now approaching 132.00 again. For now, going short for other than day trading is not advisable. The rally, if not yet a bull market, is propelled by investment buying which is a force on its own.
Currencies everywhere are mixed with the €, £ and ¥ higher and rendering a lower $Index. The Yuan is slightly lower and other BRIC are also mixed. USDMXN is 19.2034 -0.0251 (-0.1305%), USDCOP is 3,413.80 +0.80 (+0.02%) and USDBRL which closed at 4.1422 is worth 4.1391 on the CME.
Bond futures are higher while equities are lower. Metals are higher, crude lower, sugar unchanged, cotton lower and cocoa is higher.