Daily Market Price Updates and Commentary 11th September 2026

Despite pushing to 18.84 on the opening, it proved to be a disappointing start to trading for the market as Oct’26 quickly slipped back to the 18.50 area. Yesterday’s performance had afforded the possibility of upside continuation, particularly as macro factors have been driving money into the wider commodity sector, however as the morning panned out wither side of 18.50 there was no sign of much fund / spec involvement. Moving into the afternoon all remained quiet from the US, and so specs turned seller with both long liquidation and day trader shorts contributing to additional losses, exaggerated by a lack of resting buy orders. We were close to 18.10 before any meaningful buying appeared, and even then, the price continued to grind down to an eventual low at 17.93. Short covering did pull the price back above 18.00, however the recovery was limited and in the context of yesterdays effort it proved a poor way in which to end the week. Spreads were again seeing strong rolling and Oct’26/March’27 saw another 6-figure volume, though the value continued to hold a narrow band either side of -1.00 points. Oct’26 settled at 18.15, towards the lower end of this weeks range and suggesting we may continue to swing around across similar ground on Monday.

Dec’26 slumped lower on today’s opening, however the nature of yesterday’s buying was encouraging some supportive interest and by the middle of the morning we had recovered to a small credit at $542.50. With No.11 under pressure this represented the high and through the next couple of hours the price edged back from this mark to leave the market direction less clear. Doubts were settled early in the afternoon as sellers moved to push process back to new daily lows, and this set the trend for more significant losses which ultimately sent Dec’26 to $526.30 and in so doing erased the gains shown for white premiums earlier in the day. Oct/Dec’26 saw steady interest send the differential down to a -$6.50 low, with Oct’26 open interest falling to 19,799 lots. Some pre-weekend book tidying did see the price move back above %530.00 later in the day but it did not sustain and by the close Dec’26 was valued at $528.70 with Oct/Dec’26 heading into its final two sessions at -$5.60.