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Posted by Tango
on July 7, 2020, 6:50 am
The market traded around unchanged immediately after the opening and has been under slight pressure since. Bids are building up in the front and forward months but selling may be present by funds at 8:00. Volume was slightly elevated yesterday as it appears that many longs liquidated in a 5.75c range. It seems that the market will remain under pressure and will apparently be supported, to some extent, by commercial buying.
All currencies are lower against the $. USDMXN is 22.638 +0.3121 (+1.40%), USDCOP is 3,630.95 -4.8 (-0.132%) and USDBRL is 5.4185 on the CME, +.0643 vs yesterday’s spot close, or +1.2%.
Bond futures are mostly slightly higher and equities are down. Metals and crude are lower. Grains are lower as are softs except for cocoa which is unchanged.
It is a gloomy day in the investment world as all markets are lower. Coffee has been trading closely with the Real.