| Settlement (cUS$/lb) | Open | High | Low | Last | Volume | O/I | Life High | Life Low | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Spread | Date | Spread |
|---|---|---|---|
| Oct26 / Mar27 | -0.93 | Jul27 / Oct27 | -0.33 |
| Oct26 / May27 | -0.76 | Jul27 / Mar28 | -1.04 |
| Oct26 / Jul27 | -0.78 | Oct27 / Mar28 | -0.71 |
| Oct26 / Oct27 | -1.11 | Oct27 / May28 | -0.44 |
| Mar27 / May27 | 0.17 | Mar28 / May28 | 0.27 |
| Mar27 / Jul27 | 0.15 | Mar28 / Jul28 | 0.34 |
| May27 / Jul27 | -0.02 | May28 / Jul28 | 0.07 |
| May27 / Oct27 | -0.35 | May28 / Oct28 | -0.14 |
An unchanged opening soon evaporated, and the market started to come under increasing pressure. It seemed that the succession of failures to progress above 15.00 was weighing on the market as specs continued to sell throughout the morning, and with consumers only showing some light scale interest the lack of any sizable support allowed the price to fall into the 14.40’s. Here we began to see some better buying interest, but that too remained on a scale down basis, and into the afternoon some addition loss was recorded with a low reached at 14.37. Pockets of short covering followed but their impact was only limited, and most of the trading that followed took place within a tight band just ahead of the lows. Spreads were seeing very little interest with the top half of the board moving in a uniform style, providing a good analogy for another slow day despite the scale of the flat price loss. There was no change to this situation ahead of the close and a poor performance concluded with an Oct’26 settlement value at 14.44.
| Settlement (US$/mt) | Open | High | Low | Last | Volume | O/I | Life High | Life Low | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Spread | Date | Spread |
|---|---|---|---|
| Aug26 / Oct26 | -11.10 | Oct26 / Dec26 | 1.40 |
| Aug26 / Dec26 | -9.70 | Dec26 / Mar27 | -1.00 |
| Aug26 / Mar27 | -10.70 | Mar27 / May27 | -0.70 |
| Aug26 / May27 | -11.40 | May27 / Aug27 | 1.50 |
| Date | Premium | Date | Premium |
|---|---|---|---|
| Oct26 / Oct26 | 136.25 | Mar28 / Mar28 | 101.33 |
| Mar27 / Mar27 | 115.35 | May28 / May28 | 107.18 |
| May27 / May27 | 119.80 | Jul28 / Aug28 | 105.72 |
| Jul27 / Aug27 | 117.86 | Oct28 / Oct28 | 100.99 |
| Oct27 / Oct27 | 110.38 | Mar29 / Mar29 | 93.67 |
The market started the day trading slightly lower, and in the absence of any supportive buying through the early period we saw nearby values begin to slide. The pattern gathered pace through the morning and Oct’26 traded down to $451.90 before looking to stabilise ahead of noon, though any recovery was limited. It seemed that the dye had been cast having already traded top the lowest levels seen so far this month, and amidst continuing struggle there was another new daily low posted at $451.70 during the early afternoon. From here the immediate pressure reduced, though with the only notable buying confined to downside scales the market simply drifted along in front of the lows and showed no interest in recovery. There was a small bounce into the final hour as some short positions were covered back, but little else of interest as the market drifted along to a close at $454.60, leaving the market appearing vulnerable to additional near-term loss.
Tonight’s Aug’26 expiry is anticipated to see a tender for 5,861 lots (293,050mt). Full details will be published by the exchange tomorrow.
