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Posted by Tango
on May 18, 2020, 10:10 am
The OI change is minimal and it indicates new vs old. Considering that the market was mostly on the way up on Friday, and because the COT showed new buying by funds, it is possible that the buying was spec new longs and the selling was long liquidation. Today again the market looked promising but as we see was slammed lower and being sold to commercials. The case of higher GCA stocks should be positive for the market as it indicates no interruption in the supply chain. Maybe someone in the physical market can comment. But whatever it means, for now the market is under pressure in spite of the strong Real and CPeso. USDBRL is 5.7654 -0.09 (-1.537%) and USDCOP is 3,857.03 -47.75 (-1.2229%).