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Posted by Tango
on July 2, 2020, 7:00 am
Buying at the opening attracted selling. Prices had trouble above 104.00 and the market is now under some pressure. Yesterday may have been short covering due to the short weekend combined with weather but since funds have reversed they should resume buying at 8:00. Yesterday’s volume was not spectacular at 40,634 lots but prices ranged 4.65c. The resistance was not as great as it was before the market took off. Stops just got hit below 103.40 and weakness prevails for now.
Most key currencies and all BRIC currencies are higher against the $. USDMXN is 22.578 -0.088 (-0.3882%), USDCOP is 3,713.21 -0.06 (-0.0016%) and the Real after a strong day yesterday is again strong today. USDBRL is 5.2655 on the CME, -.0517, -.98%, against the spot close.
Bond futures are unchanged as equities are higher. Gold is slightly higher as is crude. Grains are mostly higher. Cocoa is higher and sugar and cotton are lower.