Today No.11 opened at 21.76, the same level of yesterday’s settlement. After the opening, following yesterday’s pattern, market saw little volumes and retreated to trade near 21.55 around 10am. Some recovery followed during the morning, when daily high was registered at 12h30pm, with market trading at 21.87. At 1pm, selling flows started to get stronger with enhancing volumes, at 1h30pm, market was down to the daily low until that point, trading at 21.39. Following that point market saw more traders coming to the game and by 3h30pm, market was down below 21c, trading at 20.90. Bearish mood continued until 5pm, when daily low was registered with market trading at 20.33, down 143 points, down 6.6%. Market closed trading at 20.49. Settlement price was 20.58, a 118-points downside movement. Volume traded was 75k lots and H4K4 spread weakened further back from yesterday gains, closing at 0.16, losing 21 points today. Market ends the year with H4 initiating trading at 17.87, reaching highs of 28.14 in early November and collapsing back to 20.58 by the December selling wave. 

 Today No.5 opened at $622.5,up $0.1 from previous settlement. Morning activity was low with market going a bit down to $617 at 10h30 am and then recovering by 12h30, when the daily high was recorded with market trading at $625. Stronger selling volumes appeared during the afternoon, bringing negative sentiment that would erase most of yesterday’s gains. By 1h30pm, market was down trading at $615, by 3h30pm, further weakness was seen, and market went down to $603.8. Daily low was registered near 5pm, with market trading at 590.1. Market closed with small recovery at $593.9. Settlement price was $596.2, down $26.2 from previous settlement. Volume traded was 7.3k lots and H4H4 white premium weakened to $142.2.

Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

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