KC started the week gaining 1 cent to settle at 108.75. The net change was 575 lots or less in all of the supplemental COT categories and although the non-commercial position came in on lower end of expectations, traders went looking for another cue off the starting block. The BRL weakened yet KC managed to rally 240 points at the days pinnacle as the intraday pattern closely tracked that of the steadier commodity index. Snippets of Brazil selling showed up at 3 day high’s and bottom pickers tepidly tested the waters 3 days after a new contract low was posted in the September contract. Sep/Dec tightened into 320 under,15 points dearer than Friday’s settlement, as outright buying was biased to the front month and 9,174 spreads traded. Tomorrow begins the traditional index roll. London traded the high for the day on the close settling at 1682 +20 while UX traded to a high of 32 over with 3 weeks left until FND.
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