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The market made an early foray to $12.89c/lb basis March’20, falling just short of the recent high market at $12.91-12.93c/lb. Producer selling remained constant at the higher levels and with buying proving limited during the morning we eased back to hold near to unchanged levels. The USDBRL opening then saw a continuation of the BRL weakness and in early trading the currency moved to trade a new record low of $4.2692, providing assistance to Brazilian producers looking to hedge in their base currency. The resultant inflow of selling across 2020 positions sent prices lower with March’20 reaching $12.66c/lb before digging in and finding some short covering to provide support as the selling pressure eased. The final 3 hours were spent exclusively in the 12.70’s on calm volumes and despite the BRL recording a new low at $4.2770, the producers stood back allowing late short covering to bring March up slightly on the call with settlement at $12.78c/lb.
No.11 Futures
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