Summary
The eye-catching move for us remains the Z6-H7 spread, which rallied hard late last week and into the beginning of this week.
Cert stocks are now around 241k bags. With Dec FND approaching, our models suggest stocks would need to rebuild towards roughly 1m bags for the spread to move back closer towards par. From where we are today, that means finding around 750-760k additional bags in a very short period.
After watching U/Z trade to record highs around 36 c/lb, we remain bullish Z6-H7.
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