By admin       2018-08-27

The bulls posted a small win on the week, with the ICE Decembercontact picking up 24 points versus last Friday’s settlement, finishing at 81.63. The December– Mar spread again strengthened somewhat to (16) points, far less than full carry. The market found support this week just above its recent lows. The latest on-call report from CFTC evinces that mill fixations of outstanding basis purchases has lent support to our market. That is, trade short covering has offset speculative liquidation in what has proven to be an extension of most participants’ recent risk-off attitude.

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