The grind higher continues with the market once more working upward in an unspectacular yet efficient style. There was buying from the get go which enabled March’20 to push above 13.25 to record the highest levels seen since mid-July and with scale selling appearing thinner than was the case a week or so ago the climb continued into the low 13.30’s. A brief mid-session pull back occurred, however it’s tough to fight against the sentiment currently and the arrival of Americas based spec buying as we entered the busier afternoon period renewed the upward trajectory to fresh session highs. The momentum is clearly being aided by the current strong technical picture, while the improvement in various currencies vs the USD, most notably the BRL, has led to some producers backing away to an extent. The final two hours saw prices yo-yo beneath session highs, ending the day with a final trade of 13.33 against the inevitable closing position squaring.
