| Settlement (cUS$/lb) | Open | High | Low | Last | Volume | O/I | Life High | Life Low | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Spread | Date | Spread |
|---|---|---|---|
| Oct26 / Mar27 | -0.90 | Jul27 / Oct27 | -0.32 |
| Oct26 / May27 | -0.72 | Jul27 / Mar28 | -1.02 |
| Oct26 / Jul27 | -0.73 | Oct27 / Mar28 | -0.70 |
| Oct26 / Oct27 | -1.05 | Oct27 / May28 | -0.41 |
| Mar27 / May27 | 0.18 | Mar28 / May28 | 0.29 |
| Mar27 / Jul27 | 0.17 | Mar28 / Jul28 | 0.37 |
| May27 / Jul27 | -0.01 | May28 / Jul28 | 0.08 |
| May27 / Oct27 | -0.33 | May28 / Oct28 | -0.12 |
After a nervous start that saw a low at 14.39 the market was able to start pulling its way back up, moving through 14.50 by the middle of the morning to reverse some of yesterdays loss. Progress was slow and steady as specs cautiously pushed on, with their desire to play from the long side again showing the fickle nature of current proceedings. The pattern continued for a few hours more, in turn leading to a more dynamic drive higher midway through the afternoon which extended Oct’26 all the way back into the 14.90’s. It was only here that progress became more laboured with sellers more prevalent, though still we held and a high was recorded at 14.94 with an hour remaining. Inevitably there was some position covering to be performed ahead of the close as traders reduced exposures and this set Oct’26 back to end at 14.83, placing values right back in the area where they have spent much of this month.
| Settlement (US$/mt) | Open | High | Low | Last | Volume | O/I | Life High | Life Low | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Spread | Date | Spread |
|---|---|---|---|
| Oct26 / Dec26 | 2.20 | Dec26 / Mar27 | 0.60 |
| Oct26 / Mar27 | 2.80 | Mar27 / May27 | 0.50 |
| Oct26 / May27 | 3.30 | May27 / Aug27 | 3.70 |
| Oct26 / Aug27 | 7.00 | Aug27 / Oct27 | 1.90 |
| Date | Premium | Date | Premium |
|---|---|---|---|
| Oct26 / Oct26 | 142.95 | May28 / May28 | 107.17 |
| Mar27 / Mar27 | 120.31 | Jul28 / Aug28 | 105.93 |
| May27 / May27 | 123.78 | Oct28 / Oct28 | 101.32 |
| Jul27 / Aug27 | 119.86 | Mar29 / Mar29 | 94.32 |
| Oct27 / Oct27 | 110.91 | May29 / May29 | 100.71 |
| Mar28 / Mar28 | 100.77 |
Lower opening values did not draw additional selling, and the market was able to hold near to overnight values for a period as traders assessed the next move considering yesterday’s fall. That assessment seemed to conclude that we would follow the path of least resistance, and so the price began to creep upwards, moving ahead to the $460.00 area by the end of the morning. This removed all chart uncertainty created by yesterdays showing and so into the afternoon the pattern maintained. The rate of progress changed significantly as the price spiked by $7 on just 800 lots of volume midway through the afternoon, but while traders then upped their efforts to keep pushing for the rest of the afternoon, they ran into some better volume selling and highs were recorded at $472.80. By this stage, the white premium values were flying and Oct/Oct’26 was valued back up around $143.00, and it remained in this same area through to the close despite some light long liquidation for the flat price. Settlement was made at $469.90 which reverses the loss from the past 5 sessions through we remain within the wider range.
As anticipated, the Aug’26 expiry saw a tender for 5,861 lots (293,050mt), details of which can be seen below.
