A COT induced bounce to start off the week saw KCU settle at 111.65 plus 100 points. The net non-commercial short position at a record 86,413 lots exceeded all but the most ambitious of estimates. The gross long decreased by 8,131 lots and is at 35,545 lots, the smallest it has been since last December, while the week over week decrease was the biggest since April of 2017’s , 13.464 lot drop. Since the week ended June 5th , the net non-commercial position has increased by a staggering 49,041 lots. Sentiment alone brought out discretionary specs, especially early on, as the high of 113.00 ( +235) was in place by 8:06 a.m. before excitement and prices started to fade, with the low of 110.70 a mere tick above Friday’s settle posted at 12:52 time. Origin hedging interest started to emerge as prices climbed to a 7 session high, while greater expectations for the day left quite a few offers unfilled. KC2 has a rollover gap below from Thursday’s 109.45 high to Friday’s low of 111.55 which tempers some of the C.O.T. prompted excitement. There were 752 notices issued in London which brings the interesting July delivery total to 902 lots. DFU settled plus $3 at 1686, while the high of 1689 was the closing print of the day.
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