Daily Market Price Updates and Commentary 10th August 2026

There was some pricing around as we opened which knocked Oct’26 back briefly to 16.38, however specs were still showing as buyers and looked to absorb any pressure and maintain the recent strength. Fridays COT showed an expected moderate reduction of the fund/spec short position of almost 28,000 lots, leaving a position of -91,831 lots as of Tuesdays close, and the volumes seen since suggest that this figure has substantial reduced across the intervening period. There was no significant push through the morning and along the way Oct’26 dropped back to 16.29, however the specs were ever present to ensure that the picture remained firm and the market was nudging highs again through the early afternoon with the arrival of those in the US. This brought with it the latest push higher and the spot rallied ahead to 16.63 against stronger volume but quickly slipped back to the range as the buying eased off, leaving a double top alongside the 16.64 March high. Further efforts were made to move ahead, but the market was lacking the size of buying seen on Friday and so could not replicate that movement. A pullback into the 16.30’s did briefly appear to dent the recent progress; however, sentiment is sufficient to drive more supportive interest at present and sp the market pulled its way back to end a couple of points firmer at 16.47, keeping the double top in sight.  

The new week got underway with prices showing good stability, as traders looked to defend the gains achieved over the past week and maintain the chart strength. There was only minimal progress made across the morning with Oct’26 touching a high at $505.40 on a couple of occasions, however the ability to maintain a band near to overnight levels was positive following the sizable progress and gave encouragement to spec longs. We had moved well into the afternoon before some fresh interest appeared to a scale to break the range, and again it was driven by funds as they pushed Oct’26 ahead to a new high at $508.60, though it was only seen briefly. Profit taking followed and sent the value back down towards $500, and with few buyers at these elevated levels the path backward moved quickly. Many longs were undeterred by the pullback and moved to recover the market at the soonest opportunity, and their efforts reaped further reward with a move through to yet more new highs, Oct’26 reaching $509.40 ahead of the close. In so doing the Oct/Oct’26 white premium stretched back out to $144.50 but some late selling / profit taking meant that neither this or the flat price ended the day at their highs. Oct’26 posted a settlement level of $506.10, a still solid showing which maintains the recent progress.