A trend like this typically doesn't end on a whim but with a big firework finale, brought about by massive short-covering. So far we have seen nothing of the sort, as open interest has actually increased over the last few weeks and unfixed on-call fixations in current crop remain stubbornly high near 8 million bales. Only once most of this sizeable trade short position has been liquidated will there be some confidence that a top is finally in place. Until that is the case, the shorts should welcome any correction as an opportunity to get out of trouble.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
