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Posted by Tango
on January 9, 2020, 6:59 am
Both markets opened with selling, then recovered, eased and are trying to recover, aiming in KC at 120.00. Yesterday, the market had a 5.80 c range with good outright activity in the front and forwards. Spreads dominated the total volume. The market remains a good trading market even though it is uncertain for longer term bulls. Warehouse stocks have abruptly begun to grow and spreads have been mostly defensive. Itís pretty clear that most funds have reversed to selling but, imo, commercials have been supporting prices. For now pressure persists but prices are holding for now
$Index continues to be strong. Even though all major currencies are lower against the $, BRIC currencies continue to be higher, likely due to positive steps toward trade agreements. Will these developments be a positive for KC?
Bond futures are are a tad higher as are equities. Metals are correcting downwards. Grains, crude, sugar and cocoa are higher while cotton is slightly lower.