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Posted by Tango
on June 3, 2020, 6:56 am
The market opened higher and has been within a .55c range in quiet trading. Yesterday, prices had a reduced volume relative to recent numbers and a range of 2.35c. It was a repeat of the pattern that we have been seeing of firmness inviting weakness as prices tried to reach 100.00 but could not. But steadiness with resistance continues for now. The depth of market is balanced in the front months and forward bids are below current levels. Spreads continue to be weak with the exception of JulSep.
Key and BRIC currencies are mostly strong rendering a lower $Index. USDMXN is 21.5517 -0.23 (-1.0559%), USDCOP is 3,632.9399 +4.95 (+0.14%) and USDBRL is 5.1613 on the CME, -.0391 from the spot close and -.75%.
Bond futures are lower and equities continue to climb. Metals are lower together with crude. Grains are mixed and softs are higher.
Market has just made new lows.