• The No.11 speculators have continued to increase their long position, currently sitting at 112k lots.
  • Commercial shorts (producer pricing) accounted for 90% of the selling in the last week and their position has increased to levels not seen since Sept 2016 when prices were above 22c/lb.
  • The No.5 speculative position is currently at a record long of 34k lots long, having been a record short in H2’19.

ICE No.11 Futures Speculative Positioning (values as of 21st January 2020)

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ICE No.11 Futures Commerical Positioning (values as of 21st January 2020)

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ICE No.11 Futures Open Interest (values as of 21st January 2020)

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ICE Futures Europe (No.5) Speculative Positioning (values as of 21st January 2020)

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ICE Futures Europe Open Interest (values as of 21st January 2020)

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Oliver Chapman

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