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Posted by Tango
on May 13, 2020, 6:49 am
Yesterday’s weakness continued as relatively high volume traded in the first few minutes of the day. Prices bounced back and the market as remained flat with a slightly weak tone to it. Forward bids are present. Closer to the front months the bids are more immediate and continue lower as the months advance. Spreads are also soft and are reacting to forward buying and front selling. Yesterday, the market dropped slowly except when stops were hit. Volume was light and below 30k. Outright trading dominated including EFPs that were posted across the board.
The $Index is slightly lower as all currencies are mixed. USDMXN is 24.093 -0.262 (-1.0758%), USDCOP is 3,881.00 +5.52 (+0.14%) and USDBRL which closed lower at 5.8858 in spot is valued at unchanged on the CME.
Bond futures are higher as are equities. Gold is unchanged as is crude. Grains are lower as are the softs.
Whether delta and forward buying can support the market enough to reverse it is the question of the day.