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- The market emerged a little higher following the extended US holiday weekend, pushing to consolidate in the 14.70’s basis May’20. We eased back a little during late morning however the “US opening” brought with it renewed buying from specs that drove May back up to a new session high mark of 14.71. In rather quiet and orderly conditions the May contract remained reasonably buoyant, nudging up a little further to 14.86, while the relative strength of the support helped to narrow the March/May spread as it traded back to 0.37 points intra-day. There continued to be a degree of producer selling noted overhead though in lesser volume than was seen at the recent highs, but still it was sufficient to provide some resistance against the similarly thinner spec buying. Specs ensured that we ended the session making new highs, a positive response to the losses during the second half of last week.
