Daily Market Price Updates and Commentary 15th April 2026

With Jul’26 assuming the role of effective spot month following the index roll, we commenced the session with a push to 14.24 on overnight hedge lifting before slipping back to overnight levels. Through to the middle of the morning trading maintained just in front of the lows, and while there was grind down towards 14.00 ahead of noon it was on light volume and the picture remained quiet. It was only as the afternoon arrived that things became marginally more interesting with spec led selling continuing to feed through into Jul’26 and sending the price slowly down in the direction of yesterdays 13.77 low. Activity picked up as the price reached the lower 13.80’s and despite the presence of pricing orders placed opportunistically in the 13.70’s there was a suitably aggressive push which extended the loss to 13.70 before consolidation once more ensured. Alongside this slide there was a far calmer picture for May/Jul’26 and the spread recovered some ground to -0.17 points as the Jul’26 pressure took its toll on the flat price. Though some positions were covered heading into the final hour there was one more push from the shorts, and it provided decisive with values sent back down on the call to new lows at 13.68. Settlement was reached only just above at 13.70, maintaining the chart pressure and keeping the contract lows in focus should the funds wish to sell more aggressively. 

A spike to $422.90 on the call quickly reversed to $417.40, providing an uncertain start to trading, and the market then proceeded to hold this band through the next couple of hours. With no fresh outside influence the market started to drift down to new daily lows by the end of the morning and as sentiment became the driver, we saw moderate small trader pressure continue to be applied. Through the next few hours, the price eroded further and by the middle of the afternoon Aug’26 was flirting with yesterdays $411.50 low mark. The continuing efforts saw a new recent low at $411.30 print on a couple of occasions, but the scale buying in place below the market proved able to ward off any additional losses and hold values for the rest of the day. Spreads and premiums were both quiet with Aug/Oct’26 maintaining at a small discount and Aug/Jul’26 continuing in the $109/$110 area. Some positions were squared back ahead of the close, however selling returned on the call to send the market out weakly, with Aug’26 settling at $412.30, Aug/Oct’26 at -$0.90 and Aug/Jul’26 valued at $110.30.

May’26 moved to a settlement at $419.50 as it expired this evening, with May/Aug’26 maintaining a premium with a range between parity and $8.00 before settling at $7.20. Early news is that 9,453 lots (472,650mt) are being tendered, with full details of participants / origins to follow from the exchange tomorrow.