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    June 27, 2024

    HR futures: 'Gimme Shelter'

    Written by Dave Feldstein

    This chart of the rolling second-month CME hot-rolled coil (HRC) future dating back to the start of 2022 has been as volatile as a herd of “Wild Horses.” The futures market has seen steep sell-offs followed by rallies that “Rip This Joint.” March 22’s $655 rally, March 23’s $545 rally, June 23’s $188 rally, Q4’23’s $460 rally and then the $200 rally in March. These were followed by sharp round trips lower and even larger declines for some. In fact, the futures started 2024 with a sharp $175 decline in the first seven trading days of the year.  

    Rolling 2nd month CME hot-rolled coil future $/st

    Dave Feldstein

    Read more from Dave Feldstein

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