A fourth consecutive month of lower closes in KC , a record string of monthly losses since the 7 month slide from August 2014’s close of 20120 to the March 2015 close of 13610 basis the 2nd month chart. The day started off mundane enough with prices trading mildly higher to 7 day double top at 13340 but lacked follow through after a 625 point rally off of last Thursday’s 12 week low. Momentum accelerated to the downside coincident, yet enigmatic to, the release of open interest, which showed an increase of 390 lots on yesterday’s action. Prices fell to new lows in New York after London closed with a $15 loss in an inside session for a net gain of $49 MT on the month. Month end considerations were the most likely facilitator for the 510 point hi to low sell- off as systems funds remain entrenched on the short side, while the smaller shorter term spec bottom picks and industry extends cover down the board.
ICO shipments for April tallied 9.536 mm bags in April, the first year over year slowdown since July of last year.
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