Today's CCC loan stocks indicate a reduction of 185,365 bales from last week, with 213,679 repaid and 28,314 entries for the week. Outstanding loan stocks are now at 10.58 million bales.
Market consolidation today after yesterday's dramatic sell off. For now the May has found a reasonable support level at the 51.00 cents barrier, but this could easily be put to the test next week with the removal of May options.
Moving averages are both trending lower, with the 9 day now at 52.26 and the 50 day at 53.31. Momentum continues negative with the RSI down to 33.73.
We have seen this gather some support from the near oversold levels around 30.00 this week.
marketing@alchempro.com
