A 4th day of losses tallying 545 points as KC relinquished 120 points to settle 5 points off the low at 118.25 basis July. Open interest jumped by a 3,400 lots on Tuesday’s 2 cent sell off after dropping 8,539 lots during the previous 2 days losses as it appears long liquidation has yet again led into systems piling on new shorts. What took 2 weeks for the market to rally from 117.10-124.95 in an all too familiar pattern, has taken 3 days to essentially give it all back. Industry took on cover in rote fashion, while origin remained quiet in spite of a BRL trading to a new low ( $/R 3.84) on a day when most major currencies were firmer. The 117.10-120.20 gap higher on the second month continuation chart remains open for a 12th session. Over the past 3 years there have been 8 gaps higher, the longest of which, in June of 2015, took 12 days to fill while the others were filled within 5 sessions. Might as well get it over with?
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