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Posted by Tango
on May 11, 2020, 6:52 am
The market opened a tad lower and has been mostly steady since. Above 102.00 it encountered selling and it is now unchanged. The thinking seems to be that the nearby demand for consumer countries’ stocks is very good while some producing countries’ exports continue to be compromised. So for now we should have a steady market but an assessment by those in the physical market would be more valuable. On Thursday we saw the beginning of what could be a short covering rally. As the COT illustrated, all sectors were net buyers except the most active group, managed money. Within this sector we saw new buying as well as new selling. Spreads are steady today in conjunction with steady futures.
The $Index is higher as all currencies are down against the $. USDMXN is 23.82 +0.1990 (+0.84%), USDCOP is unchanged at 3889.00 and USDBRL which ended at 5.7319 in spot is now 5.7796 on the CME, +.0477 +.83%.
Bond futures are lower as are equities, metals and crude. Grains are unchanged while softs are higher.