• The late buying seen yesterday set the tone for an early push upwards with morning buying taking March’20 up to touch 15.00 once again as US traders came online.The rally then came to a swift end with light liquidation of earlier buying sending prices back down into the recent range, no doubt triggered by the ever weakening USDBRL which was making fresh all-time lows beyond 4.30. Despite this we did remain comfortably above yesterday’s lows, further supporting the general consensus that the market will continue to test higher in the near term. Were it not for the index roll it is fair to say that volume would have been rather light, March/May today seeing volume in excess of 45,000 lots. In now familiar action the market was pushed back up during the latter stages ending the day at 14.92 to be nicely poised for another look above 15c. Attention now turns to the Dubai conference which will be in full flow by the time the market re-opens on Monday, as we wait to discover the impact of the industry gathering upon near term direction.
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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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