Daily Market Price Updates and Commentary 30th September 2026

There was renewed hope about specs following yesterday’s price increase and immediate buying arrived to take March’26 ahead to an early high at 19.12. Rather than attract additional buying however the interest soon faded and long liquidation sent the price back to the 18.80’s which raised some fresh questions as to the validity of the upside effort. Smaller traders then began to pursue the downside again, viewing it as the easier path and dropping the price slowly back to the upper 18.50’s by early afternoon. The US morning brought only limited interest, and while it served to halt the fall there was only a limited recovery as traders remained short. Only during the later afternoon did we see some position covering take March’27 back up to 18.83, however once done some new pressure was applied and the price fell back to the bottom of the range to end a slow day at 18.61. 

Oct’26 moved to expiry with some final position tidying which saw the Oct’26/March’27 spread move between -1.15 points and -0.95 points. Settlement arrived at 17.63 and the spread was valued at -0.98 points, with early talk that 28,574 lots (1,451,631t) will be tendered. Full details will be published tomorrow.  

Initial buying pushed the market ahead this morning but only served to reach $515.90 before the necessary cover had been taken and quickly reversing back. Before the first hour was through Dec’26 was trading beneath last night’s closing level and suddenly the picture was not looking so encouraging with the buyers seen yesterday now absent. Through the next few hours there was a gradual price erosion back to $502.40 with no discernible driver for the movement, much of the activity coming from day traders alongside some light pricing interest. A little more support was found into the afternoon, but its impact was limited and so prices continued to sit quietly in the red for the remainder of the session. Entering the last hour Dec’26 was within a couple of dollars of overnight, but this was not maintained and a pullback towards the lows instead left it appearing weak heading into the close. There was some late buying to limit the loss and the day ended with Dec’26 valued at $506.30.