If you weren’t at your desk by 7:35 E.T. you missed the high of the day. The COT inspired pop took prices 180 points higher but the rally faded as it lacked inspirational forces to encourage chasing the market higher. Spec activity dominated an otherwise spread centric session with a breach of unchanged causing short term traders to bail and prices to swiftly drop 2 cents before tepidly recovering. Sep/Dec changed hands 12,409 times in a range of 370-360 under, another 2700 Dec/March traded between-320 and -310, essentially unchanged from Friday. The trade focus on the buying interest of industry as cover continues to draw down in London and picks up at an inconspicuous pace in New York.
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