• The record net speculative position has increased further throughout last week to 226k lots short.
• Both the long and short commercial position has reduced as we approach the October expiry.
• The whites net spec position has reduced to the smallest short in almost three months as prices rallied up to $321/mt last week.

ICE No.11 Futures Speculative Positioning (values as of 17th September 2019)

ICE No.11 Futures Commerical Positioning (values as of 17th September 2019)

ICE No.11 Futures Open Interest (values as of 17th September 2019)

ICE Futures Europe (No.5) Speculative Positioning (values as of 17th September 2019)

ICE Futures Europe Open Interest (values as of 17th September 2019)