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  • Speculators returned to the raws market in the week up to the 1st of June and increased their net spec position to 244k lots long.
  • This was driven by the opening of 25k new long positions and facilitated the No.11’s move towards 17.7c/lb.
  • Interestingly, the gross commercial long position fell by 1.8k lots, despite their relatively small position with the N expiry less than a month away.
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Jack Haslam

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