Over the past week, non-commercial traders on the NY 11 contract reduced their net short position by more than 50% at 2,402,300 tons equivalent while Open Interest (OI) remained quite stable at 909,961 lots (or 45,498,050 tons equivalent).  

COT - 16 october 2018

The key question now is to determine whether the recent bullish sentiment will continue to prevail on the market in coming weeks ? In this regard, there is no doubt Brazilian run-off elections to be held on 28 October will play a key role as it will directly impact the BRL/USD exchange rate.