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Shortly after the open, the No.11 strengthened rapidly rallying from 23.73 c/lb to an intraday peak of 24.13 at around 10.45. It then proceeded to decline to 23.62 at 14.00 from sellers trying to take advantage of the new highs. This erased the gains made by the morning rally. The bulls, however, were undeterred at the opening of the US session and showed consistent willingness to buy throughout the remainder of the day and embraced minor declines with a dip buying mentality. The final hour of the day saw prices settle from a volatile day of trading at 24.37 having broken the psychological resistance level of 24c. 

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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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