KC started the day out with a boost inspired by a green macro and weaker dollar but a 330 point gain at the high fizzled by the close to settle at 107.80, plus all of 25 points. The COT report gave us little to get excited about as the biggest net change was a 683 lot drop in the index fund position. The gross non-commercial short at 63,706 is the smallest it has been since the week of September 17, 2017 which stands in contrast to the record high of 150,794 seen during the week of September 18th, 2018. Friday’s 475 point sell off, was accompanied by a 3,817 lot increase in open interest, an apparent jump in new shorts. An inside session traded 15 points above Friday’s 107.25 low, posted with 15 minutes left in the trading day. London saw Jan/March widen $5 while outright March lost $9 and settled at 1590 MT, its weakest settle in 2 months, and, curiously $1 below the 1591 low, to account for the Jan/March spread value of 24 under, as the Jan contract settled on the 1566 low of the day.
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