KC traded within the range of the previous 3 sessions ultimately relinquishing 75 points to settle at 104.85 in quiet dealings. Open interest grew by 2,178 lots during Monday’s 190 point rally, and while it is safe to assume there were new spreads initiated, given yesterday’s collusion with Sugar and Cocoa, it is reasonable to assume there were also fresh longs thrown into the mix. CSOs attracted some interest as 1500 Jul/Sep -2.70 puts traded at 20 points and another 700 May/Sep -5.00 calls changing hands at 15 points. London backed off yesterday’s 2 month high to settle down $21 at 1557 while most of the day’s 14,181 volume was skewed to 6,268 spreads.
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