Daily Market Price Updates and Commentary 3rd September 2026

Initial trades were lower, and it will have concerned those who were holding the market high last night that Oct’26 soon chased down into the 18.30’s. Unlike recent days there was not the underlying support to hold prices and create a platform for continued strength, and through the middle of the morning some position liquidation from longs occurred, sending the price down below 18.00 and generating a sizable loss. Some defensive buying did arrive at this stage and into the early afternoon looked to hold the price back above 18.00, however the price soon fell back again and in so doing drew out some more long liquidation from specs. Lows were recorded midway through the afternoon at 17.65, a triple digit loss, though these did not last for long with day traders chasing back higher again when the market clawed back some ground. Spreads were seeing solid volume as Oct’26/March’27 traded either side of -1.00 points, with rolling volume increasing ahead of the index window next week. The later stages saw Oct’26 holding in the 18.00 area, and traders appeared with buying for the close to ensure a weaker showing at least ended with an 18c handle intact, Oct’26 settling at 18.07. 

The price slumped lower to the mid $520’s this morning, reacting to the weaker start from No.11. Fund buyers retreated as the environment changed, and with only limited interest from consumers at these elevated values the market slipped further still as it struggled to find buying interest. This trend continued through into the afternoon and Dec’26 reached a session low at $517.00 along the way, a sharp loss but still within recent broad parameters and not undoing the chart strength at this stage. Short covering from day traders followed and enabled to price to recover back to $525, and in turn the price was able to stabilise and ensure that the remainder of the day played out away from the lows. Oct/Dec’26 saw lower volume than the last two days but still found solid interest against pre-expiry rolling at a small premium, while white premiums similarly showed little change for the day. The close arrived with Dec’26 at $524.30, a $12 loss as we look to see whether the funds return ahead of the weekend.