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  • The No.11 broke above 20 c/lb in the week up to the 17th August, but this was driven by commercial, rather than the spec buying that’s been the primary source of price support since April.
  • The commercial long position increased by 31.6k lots, which was the largest weekly change since February, signalling a change in consumer behaviour after months of high prices deterring buying.
  • This buying was matched by producer selling, who were happy to capture the highest No.11 price in 5 years.

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