Daily Market Price Updates and Commentary 12th November 2026

Despite posting higher opening prints the market responded to yesterday’s recovery with a quick rejection as the lack of any meaningful buying allowed values to be suppressed. March’27 fell quickly from 18.56 to 18.23 as overnight longs liquidated, and following a short pause the selling returned to test the 18.00 area before the morning was through. A low was recorded at 17.96, but significantly we remained above Tuesdays lows and this enabled a return to the teens where prices held ahead of the US morning. Activity remained slow and the sideways track continued through the afternoon as specs largely stood aside for fear of being swung in and out again at a loss should recent movements repeat. There was a push ahead to 18.28 later in the afternoon, but this failed to gain any real traction and prices instead held just short of this market to take March’27 to a close at 18.22, leaving the technical picture unchanged. 

March’27 plunged on the opening as it followed the lead of No.11 and erased yesterdays gain. The immediate hit saw the price back to $512.60, and with confidence eroded traders started to look to the short side again and maintained pressure across much of the morning. This saw the price reach a low at $507.00 before recovering by a few dollars against short covering / profit taking, leaving us near to where we started yesterday’s movement. There was a small push back to $514.00 early in the afternoon, but the buying interest soon subsided and a prolonged period of sideways trading then followed against low volume. Later in the afternoon some the losses eased and March’27 moved back above $517.00, however given the unconvincing nature of the display today it was to be expected that we remained in the red to the close. Settlement arrived at $514.80 following some late position squaring and we will resume tomorrow with the market still caught within the recent band and appearing no closer to finding its next direction.

Dec’26 moved towards tomorrows expiry with another steady showing from the spreads, as Dec’26/March’27 worked to intra-day highs at -$3.00 before ending at -$4.90. Open interest shrank to 6,389 lots leaving us looking at a moderate sized tender.