Daily Market Price Updates and Commentary 3rd November 2026

Opening prints at unchanged were fleeting and across the first few minutes of trading March’27 was punched down through last week’s 18.85 low as more spec longs headed for the exit door. There was buying in place from consumers on a scale down basis, however against the tide of selling it was being filled at a rapid pace and the price hit 18.39 with barely an hour of the session having elapsed. The pace of selling cooled and this allowed prices to consolidate the lower end, and while a covering rally from day traders then followed around noon it was simply that and faded away quite quickly. Into the afternoon prices remained within a tight band, caught ahead of the scale buying and suffering from limited spec involvement as those remaining long sit in hope that there can be a recovery, though they themselves are not able to justify buying in the current climate. Marginal new lows were recorded at 18.36, and the price continued to sit within a few points of this mark into the later afternoon as even the day traders stood aside from participation. There was no hint of recovery ahead of the close, and such was the weak nature of the performance that additional selling arrived on the close and sent the market to a daily low at 18.31, with settlement just a couple of points above at 18.33. 

With No.11 already showing sizable losses the market gapped lower on the opening and continued downward from its initial $520.60 ‘high’. Buyers were hard to find and across the first hour March’27 descended through the teens, only finding some respite later in the morning from opportunistic pricing and short covering after reaching a low at $510.30. The recovery, for what it was, extended up to $517.80, however with specs now running scared of their long holding the market could not find any impetus to continue. Into the afternoon activity settled down, and the market became trapped within a narrow band centred around $514.00 on lower outright volumes. The Dec’26/March’27 spread continued to pull its weight with another sizable roll volume, and in a continuation of yesterdays movement the differential rallied to -$12.20 aided by the weight of pressure upon the March’27 contract. After flatlining for several hours, the close arrived with zero fanfare, continuing in the same area to a close at $513.90 while Dec’26/March’27 headed out at $-13.70. This adds further to the technical weakness, and while the lower levels may bring interest from the multinationals it is hard to see where a sustainable recovery generates from at this time.