We will wait and see what new information comes from this meeting as we turn our focus completely toward the current most active trading month, Z'07.
Majority of Friday session's volume came from July contracts rolling out before first notice day on Monday June 25. Z'07 closed above the key support level of 60.70. We are at the very critical transition period between crops and this forces mills to buy even if they are not happy with the market levels.
China has even announced they will open up strategic reserves to cool off local prices that are very strong recently. With N'07 expiring and Z'07 becoming the most active month, Z'07 closed today above 60.70, which is a key support level.
marketing@alchempro.com
