Daily Market Price Updates and Commentary 10th September 2026

Having found the 18.50 area somewhat stubborn over recent days the market was on front foot this morning and quickly pushed through to 18.61 as specs moved with early buying to maintain yesterday’s progress. There was a blip before the movement continued and before the morning ended Oct’26 had seen a high at 18.73, placing it just 4 ticks short of last weeks 18.77 mark. These levels were understandably drawing some heavier grower pricing for the first time in a few days and this caused progress to stall through noon, though the longs were holding firm and looking for funds to move in a provide additional buying momentum once the US Day got underway. Unfortunately for them the larger funds remained away from the market and are not showing a desire to add to their current position and so Oct’26 began to stutter, first slipping back to 18.44 and then to 18.24 after a brief effort to reinvigorate the upside faded. Despite a 50-point trading range showing for the spot, volume was being masked by the latest day of index rolling as Oct’26/March’27 again made up around 70% of activity across the two nearby positions. Incredibly the market bounced rapidly from the lows as specs chased into the thin environment again and traded the market to new daily highs which this time provided the platform from which to push through 18.77 and ahead to 18.88. There was some position squaring late in the session which left Oct’26 closing at 18.73, still well positioned to further build and look towards 19.00 should the specs keep pushing. 

The market picked up where it left off and early trading proved uninspiring with Dec’26 holding a band between $532.70 and $538.80. Specs were not particularly active initially but by the middle of the morning they started to show a little more interest and started to move the price ahead once again to reach the lower $540’s. These were the highest levels seen in almost three weeks, however there was no sign that the larger funds wanted to add to their long holding and following a period in which a high level of $542.20 traded the specs made the call to exit longs and send values back towards the morning lows. A new mark at $531.40 was recorded before prices turned back into the range, providing evidence that day traders are trying to drive the narrative in either direction but covering at short notice due to a lack of confidence. Momentum gathered on this latest rally and the market was able to push ahead to high at $544.40 into the final hour, potentially providing a platform to continue ahead and test at $554.70. Oct/Dec’26 meanwhile remained at a discount on steady interest, and with open interest still at 24,775 lots seems set for a solid tender when the Oct’26 contract expire next Tuesday. Prices remained steady in the face of some late position trimming and Dec’26 closed at $541.60.