Today No.11 market opened at 24.29, at the same level of yesterday’s settlement. Just after the opening, market lost some of the power and went to trade at 24.10 (daily low) however it quicky recovered to opening levels and kept trading sideways at a cap of 24.36 until 2pm. Passed that time, a more vigorous buying interest was seen, and market tried to breach the 24.50 zone. At the first attempt, there was some correction to the 24.25 levels however at a second attempt which happened close to 4pm, big volumes gave the market the necessary bullish fuel to break the resistance level. At 4h15pm, market was trading near 24.85 and until close, time over where there were not much evidenced movements, kept trading along this channel. At the final sprint, prices went up further stronger to reach the daily high, closing at 24.89. Settlement price was 24.83 and volume traded was 68k lots. V3H4 spread closed valued at -0.33 (+0.01 change).

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Today Oct’2023 opened at $693.2, $0.2 below yesterday’s settlement. In the beginning of the trading session, market kept trading sideways in a $5 range, between the $688.9 and $696 9 am. These movements lasted from the opening until 4pm, when a pretty much calm trading day changed prospects to become a more volatile session. At 4pm, big buying volumes strongly pushed the market to trade above $700. Once resistances were broken, market found room to rise further until closing at 709.9 (daily high). The settlement price was $709.4, a steep $16 increase (+2.31%) from previous settlement. Volume traded was 5.9k lots and VV white premium closed at $162.

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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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