Last quote by Miswin Mahesh
Miswin Mahesh quotes
It's when everyone starts getting to that one part of that market that you usually see a turning point. Historically that's when we've started seeing a reversal.
I wouldn't put a number to it as it's like throwing a dice on a board. Our forecast is for prices to see an improvement in the second quarter. The current prices are not sustainable but it will get worse before it gets better – and we're in the process of that.
There wasn't enough bandwidth to stretch it even further, although there are a few comfortable shorts, but given the upcoming contract expiry, the low-liquidity environment with the holiday season approaching, as well as the looming Fed decision, there have been some positions getting trimmed.
We have been saying these net shorts have been stretched for a while and we might see a bit of trimming of positions going into the end of the year and possibly some of that is materialising right now.