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“COT data showed managed money increased their net long position by more than 15,000 contracts to just under 124,000, a one-month high, and also increased feeder net longs to a one-month high,” the Hightower Report said. “However, the risk of fund long liquidation is low as there is nothing on the chart indicating technical weakness, and the bull trend remains in place. Yesterday, China imposed a 55% levy on Australian beef imports after the initial quota was reached.”
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