A rough start to the week for KC which traded a contract low of 104.35 before recovering 250 points intraday, yet ultimately closed down 75 points at a contract settlement low of 106.25. A weaker BRL as a result of increasing concern over the Turkish currency crises set the tone for a “risk off” day in emerging markets and overshadowed any encouragement found in Friday’s COT report. Many a trader ended last week expecting the market to find support, if not a rally, as the 8,474 lot net increase in the non-commercial position far exceeded expectations. Volume was hefty at 129,042 lots with 59,565 spreads of which 32,418 were in Sep/Dec trading between 320 and 295 under. Robusta outrights traded within the recent range with Sep settling -7 at 1667, while the action was all in U/X which traded between 37-48 over as the playout of July’s delivery remains fresh in mind.
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