The day began quietly with nearby positions consolidating a little higher before some mid-session selling emerged to bring us back to unchanged levels. With news continuing to be this on the ground most of the activity was being generated by smaller specs and algo involvement, and they combined to push prices up in two waves during the afternoon, eventually reaching highs of 10.47 (K20) and 10.60 (N20). This ensured that we remained within the confines of the recent range with a smattering of selling at the higher levels enough to keep the rally in check. Spreads too saw only moderate volume as we ended a slow week on a mildly positive footing, though with further range bound action seeming the likely route.  

No.11 Futures

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Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

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