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  • After the recent rally in the No.11 drove prices above 20c/lb, the week up to the 24th of August saw a retrace back down to 19.5c/lb as spec buying interest waned.
  • The net spec position fell by 5.8k lots, and now stands at 251k lots long, as the gross spec short rose by 6.5k lots.
  • However, there was still some buying support from consumers, which increased the gross commercial long position by 15k lots, despite the high prices.
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Jack Haslam

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