market update - 18 May 2015

Following on from an upward trend from the previous fortnight, the new prompt month July managed 13.60c/lb highs before sinking to 12.73 and closing the week at 12.89. Despite the flat prices holding up relatively well last week, a change in market sentiment appeared inevitable as prices encountered significant technical resistance and sagged over the final two sessions.

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Following a downtrend in early month prices, the new spot month July traded a low of 12.41c/lb before surging on Friday to close the week out at 13.42. Spread activity reflected the behaviour of the flat price. Early week softening saw subdued spread activity, whilst a momentous back end of the week saw activity pick up.

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markEt update - 4 may 2015

Despite the end to a three week rally in the week prior, May expiry delivered the event many were predicting. May contract prices mirrored that of the May/ July spread as the last four sessions of the May contract saw settlement above 13 cents until expiration. An enormous delivery at the May expiry saw the non-index funds short position close out 55,000 lots as it diminished from 74,000 to 19,000 (for the period, 22-28 April 2015).

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