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Posted by Tango
on June 15, 2020, 6:47 am
The market opened lower and has remained on the weaker side but finding front and forward bids. The JulSep spread is also lower but also with sizable bids lined up. It is the Monday after options expiration and some traders could be squaring books. 8 o’clock will likely bring more short selling by funds. The buyers will be mostly commercials and stops may be present as/if we continue lower. As we have seen, the market is dominated more by spreads than by outright trading however. The July OI is around 40k and spreads will continue to be active.
The major currencies, the ¥ £ and €, are higher and enough so to have a lower $Index, but all other markets, including the BRIC currencies are lower. USDMXN is 22.5785 +0.3596 (+1.62%), USDCOP is unchanged at 3773.75 and USDBRL is 5.1096 on the CME, +.0585 from Friday’s spot close or 1.16%.
Bond futures are are higher and equities, metals and oil are all lower. Grains are lower as are all the softs.
Lead month is now Sep as it has a greater volume and OI than July.