Daily Market Price Updates and Commentary 2nd September 2026

The market swung lower during the early exchanges and sat in the vicinity of 18.20 for a period, though again it appeared that support was in place to hold prices above 18.00. A return to overnight levels followed later in the morning, though activity remained relatively light in comparison to recent sessions and by early afternoon the spot faded back down through the range to a low mark at 18.07. Like yesterday we then saw the funds make a belated entry to the environment, proving their desire to continue building upon the recent momentum with a sharp mid-afternoon push away from these lows and ahead to challenge last weeks 18.66 high mark, and the efforts soon bore fruit. While grower selling started to provide more resistance there was sufficient strength to the buying that Oct’26 extended ahead to 18.77, and the longs showed a keenness to hold these gains and achieve a positive technical close as they maintained near to the top of the range into the final hour. This effort ensured a strong close at 18.70, providing the platform from which a continuation beyond 19.00 now appears eminently possible. 

The market took a kick lower during the opening minutes and both Oct’26 and Dec’26 moved back into the mid $520’s, though with the spec sector still providing support the downward movement was tempered. An uneventful morning followed on which Dec’26 held in the mid to upper $520’s, providing a period of consolidation which will have been welcomed by many in the context of recent movements. This lasted into the afternoon, and we saw lows at $524.90 before buying returned, again driven by the funds as they seek out every opportunity to push higher and further improve the status of their positions. Resistance was limited away from the highs and so the market was able to comfortably progress to a high at $539.30, only moving back slightly during the last hour when some traders looked to lock in day profits. Ahead of the Oct’26 expiry the spreads were continuing to provide the largest interest and Oct/Dec’26 posted successive positive sessions as rolling extended the value to $3.50 premium later in the day. This was not enough to continue yesterday’s white premium recovery and Oct/Oct’26 held more calmly in the $128.00 area, while March/March’27 fell back a few dollars to $106.00. Closing values were a small way shy of the highs with Dec’26 valued at $536.60, maintaining the firm market position.