KC spent all but the final 12 minutes of trading in a 100.10-98.65 range before faltering to a new low of 97.85 and settling at 98.50, down 140 points. A record short fund position of 113,412 lots exceeded the end of August record by net 7,307 lots. The record net commercial position at 55,414 lots was 2,387 lots longer than August’s pinnacle. While the numbers alone are startling at face value, with each new record, and there have been 7 since July, the shock factor has gone from “holy cow batman” to “wow..please pass the salt”. Volume was half that of Friday’s while the BRL traded an inside session at the upper end of its 4 week trading band. The last day of trading in Sep London saw 1252 notices issued while total tenders for the period stood at 3,293 lots. Robusta managed to close just off the highs with a $24 gain while forming a double top with Friday’s 1515 high.
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