| Settlement (cUS$/lb) | Open | High | Low | Last | Volume | O/I | Life High | Life Low | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Spread | Date | Spread |
|---|---|---|---|
| Mar27 / May27 | 0.50 | Oct27 / Mar28 | -0.35 |
| Mar27 / Jul27 | 0.85 | Oct27 / May28 | 0.67 |
| Mar27 / Oct27 | 0.85 | Mar28 / May28 | 1.02 |
| Mar27 / Mar28 | 0.50 | Mar28 / Jul28 | 1.54 |
| May27 / Jul27 | 0.35 | May28 / Jul28 | 0.52 |
| May27 / Oct27 | 0.35 | May28 / Oct28 | 0.57 |
| Jul27 / Oct27 | 0.00 | Jul28 / Oct28 | 0.05 |
| Jul27 / Mar28 | -0.35 | Jul28 / Mar29 | -0.38 |
A mixed opening period saw March’27 trade between 18.32 and 18.16 before swiftly moving back ahead to a new high at 18.36. Volumes were low but it was clear that smaller traders are remaining fickle and responding to each market movement / failure in quick time. Activity then settled into the range for a couple of hours, but the buy side was receiving the small trader interest today and ahead of noon the market looked to break upwards again. It was by no means dynamic but continue ahead we did, climbing steadily into the afternoon to reach 18.54 but stalling shy of this week’s highest mark of 18.57. Profit taking followed and sent the price back to 18.39 but there was no fall back to the lows and instead we simply maintained the upper part of the range through to the close. Action centred around the lower 18.40’s during the later stages, leading to a settlement of 18.41 which leaves the picture appropriately unchanged at the end of a quiet week.
| Settlement (US$/mt) | Open | High | Low | Last | Volume | O/I | Life High | Life Low | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Spread | Date | Spread |
|---|---|---|---|
| Dec26 / Mar27 | -6.60 | Mar27 / May27 | -1.00 |
| Dec26 / May27 | -7.60 | May27 / Aug27 | 5.10 |
| Dec26 / Aug27 | -2.50 | Aug27 / Oct27 | 5.60 |
| Dec26 / Oct27 | 3.10 | Oct27 / Dec27 | 3.50 |
| Date | Premium | Date | Premium |
|---|---|---|---|
| Mar27 / Mar27 | 115.13 | Jul28 / Aug28 | 128.90 |
| May27 / May27 | 127.15 | Oct28 / Oct28 | 123.01 |
| Jul27 / Aug27 | 129.77 | Mar29 / Mar29 | 114.43 |
| Oct27 / Oct27 | 124.17 | May29 / May29 | 119.66 |
| Mar28 / Mar28 | 111.95 | Jul29 / Aug29 | 120.95 |
| May28 / May28 | 127.14 |
A steady opening saw the market move from overnight levels to reach $518.90, though with the buyers having limit volume we soon set back to sit within the early band. A sideways pattern endured through a slow morning until some fresh buying kicked in ahead of noon and brought the market to new highs. It was very much a slow and steady effort as the gains grew into the afternoon, extending to a high at $523.10 with a couple of hours remaining. Despite this gain, volumes were poor throughout as both the flat price and spreads saw limited interest, a factor of both the range in which we find ourselves alongside the arrival of the Dec’26 expiry. Through the last two hours the market remained steady but did not make additional gain, moving to a close at $521.00 as March’27 assumes its place at the top of the board.
Dec’26 reached expiry and went out at $514.40 while Dec’26/March’27 remained at a modest discount, valued at -$6.60. Early talk is for a tender of 4,898 lots (244,900 mt) with full details of origins and ports to be published by the exchange on Monday.
