The week commenced on a negative note with KC trading all of a 120 point range, its tightest in 5 weeks, settling at 119.45 for a seepage of 70 points. London traded in a $20, 1757-1777 range settling $11 lower at 1767 basis May. New York opened down 5 points at 12010, which proved to be the high for the day with the 120 level not to see the light of day again by 6 a.m. under the first day of trading in U.S. daylight savings time. Prices gravitated to trade the 118.90 low for the by 9 a.m. and wandered about in a one cent range for the remainder of the session. Friday’s COT report showed the net fund short position to have been pared back by 2,628 lots, which was on the low end of the range of expectations. The gross commercial position increased by 5,982 lots on the long side and 8,314 on the short side which confirmed our perspective on origin flows, and when coupled with the fund position for the most part kept bullish sentiment at bay. Apropos of nothing, a 120 point range with little to get excited about.
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