Recap #
RB2610 gapped up this Monday and touched 3070, my target buy price near the close. Had I submitted the order at the open, it would not have been unlikely to get filled. There was a surge in price on Wednesday, which was most likely due to the US-Iran conflict.
Observations #
Basis #
There has been a significant recovery in basis, which is a good sign.
Profit Margin and Inventory #
There isn’t much change in the profit margin and inventory of of either coke or rebar this week.
Further Comments #
The most active contract for the coke futures J2609 reached a 6-week low on Thursday, and it doesn’t seem that it will stop there. This is a risk for rebar.
Plan #
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