New York started the week with its first higher high and higher low in six sessions settling at 119.20 down 30 points as September open interest surpassed July’s following Friday’s July option expiry. A negative, at face value, COT report initially weighed on KC with losses confined to 105 points, however once the FX markets became active downside was buffered as prices closely tracked the rhythm of a steady Brazilian currency. Funds covered net 7,859 lots over the reporting week and the gross commercial short grew by 7,164 lots validating that origin were active hedgers as prices rallied from 121.65-127.15. Worth noting is the gross index short, whose historical average since inception in January of 2006 is 4,283 lots, now stands at a record 21,809 lots, surpassing the previous weeks record by 4,360 lots. The gross index long grew by 4,708 contracts, ergo the net position only shifted 348 lots longer. Spreads accounted for the lion’s share of the day’s volume as 40,612 traded. On day 3 of the traditional index roll July/Sep changed hands 29,336 times at steady to firmer levels between 225 and 205 under.
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