Peter Mooses, senior market strategist at RJO Futures in Chicago, said new fundamental bullish news would be needed to move the contract higher, but said the contract doesn't seem to have any reason to move below $2,750 a ton.
He suggested targeting $2,925 a ton in the near-term and said to look for further rallies only if the market moves about $2,975.
To read the full article with Peter's comments, please visit www.nasdaq.com
Series 3 & 34 Licensed
Senior Market Strategist
Follow Peter on Twitter @PMoosesRJO.
Peter's interest in trading began during a college internship with Bunge North America on the floor of the Chicago Board of Trade, where he assisted commodities traders and performed market research and analysis. Upon earning a B.A. in economics from the University of Iowa, Peter served as an analyst, transaction manager and team lead in the Global Trust Divisions for LaSalle Bank and Bank of America, where he managed transaction activity in multi-million dollar client fixed income and asset-backed securities portfolios.
After years in the banking industry, it became apparent that Peter's real passion lies in futures trading. He joined RJO Futures because he enjoys the analytical aspects of futures trading and appreciates the economic impact that commodities have across all markets. Peter believes in utilizing market analysis and trends to help clients achieve balance between risk and return, while always keeping their investment objectives top of mind.