Daily Market Price Updates and Commentary 10th April 2026

The market was being called higher this morning and May’26 printed to 14.02 initially before falling back to overnight levels soon afterwards. Much of the enthusiasm was based upon the lower levels drawing out fresh physical movement and the renewed opportunity to price nearby prompts at a 13c handle, but while there was another enthusiastic push to 14.06 soon afterwards the movement ended once the necessary cover had been taken with specs showing no inclination to oppose the momentum that has built over the last couple of weeks. A gradual but steady decline then developed during the late morning which maintained through much of the afternoon, pushing prices down to yet more fresh lows for the current move at 13.80, with the only occasion respite found as day traders covered back short positions. Another round of covering saw the price briefly back into the 13.90’s ahead of the final hour, but having pressured the market all week there was inevitable a final flourish from specs as they looked to maintain chart pressure into the weekend. May’26 recorded lows at 13.71 ahead of the call and while MOC position squaring left settlement at 13.75 their efforts were certainly a success from a technical standpoint. May/Jul’26 was firmer throughout the session as Jul’26 took the brunt of fresh selling, and on a substantial 117,000 lots volume it ended the day at -0.14 points. 

Aug’26 started the day either side of overnight levels on moderate interest, however the lower levels did not last for long as interest from consumers / end users pushed prices into the positive. There was a brief spike higher to $423.90, though generally the price was holding in the upper teens/$420 area as volume calmed, the static nature of the macro allowing specs the opportunity to take stock and assess the picture. By noon, the gain was eroding and the market returned into deficit soon after as selling once again arrived, with any reassessment of the situation clearly ending with a decision to follow the technical weakness and maintain pressure. More scale buying was filled in as the price slipped through the teens over the following hours to a low at $412.80, before finding some respite from the pressure as smaller traders trimmed exposure ahead of the weekend. Nearby white premiums had been in the ascendancy this morning as May/May’26 pushed nudged $111 and Aug/Jul’26 $110, but through the afternoon these gains mostly eroded with Aug/Jul’26 returning to sit at $107 ahead of the final hour. Despite falling back late in the day there was no fresh ground broken as Aug’26 settled at $413.80, while May/Aug’26 produced a stronger volume with some decent size changing hands as it closed at -$1.50. Aug/Jul’26 remained in credit for the day and went out valued at $107.60.