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Posted by Tango
on January 13, 2020, 6:58 am
RC began at unchanged, which turned out to be the high for the morning, and headed lower from there. KC opened below unchanged but above 118.00, and also dropped, reaching the general level where the market found support on Friday. The depth of market shows bids in the front and scattered bids in the forwards. 8:00 however will likely bring selling. According to the COT report, much of the selling has been new and fund long selling has been light. The days following the COT continued with a mostly flat OI indicating more of the same. On Friday, the strength we saw could have been short covering but probably option related.
The $Index is higher as major currencies are mostly lower against the $ while the BRIC currencies are mixed with the Yuan higher. USDMXN is 18.788 +0.007 (+0.04%), USDCOP is unchanged at 3268.20 and USDBRL is unchanged at 4.0925 accord to the CME.
Bond futures are slightly lower, equities are higher while precious metals are lower. Crude and grains are slightly lower while the softs are higher with cocoa slightly higher.
Funds and commercials are on opposite sides while other sectors, who are obviously participants are more unpredictable.