The lower trend continues to dominate, although todays losses were rather more hard fought with some slightly better volume starting to be seen from the buy side. With technical indicators remaining oversold it is not particularly surprising that we are finding a little more support, though it may simply be a halt of the decline rather than a sign of reversal. The afternoon action that saw May’20 work between 13.35 and 13.51 illustrated this air of consolidation, particularly in the final hour when a fresh test of the lows was rebuffed with some late defensive buying. Overall it was a very quiet session that potentially signals what is to come during the near term.

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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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