The market continued to play the same range as recent sessions today though with a downward slant once again as smaller specs continue to be whipped around. Macro factors are undeniably continuing to play a part in the near term moves as renewed weakness for the BRL this afternoon which saw the rate back to 5.6979 appeared to encourage producer selling back into the arena. July’20 recorded an afternoon low at 10.33 which brought the pattern of inside days to an end, and it will worry the bulls out there who have been talking up the market basis the Santos line up that we have seen lower highs each day since printing at 11.03 last Friday. Most of the afternoon was spent treading water in the 10.40’s with traders reluctant to try and push much higher in the face of continuing currency and macro weakness, with the final 30 minutes seeing renewed spec selling to extend the daily range down to 10.24. Settlement was within a few points of session lows to conclude a rather weak performance.
No.11 Futures
