There was against some early selling (lack of buying) for the No.11 today which led Oct’22 down to a low at 17.50, however there seems to be a slightly more solid base forming and by midday the market had eased back up to be trading at unchanged levels. Specs drew some confidence from this movement and a combination of buying/short covering followed in which pushed the market up to the highest levels since 22nd July, Oct’22 reaching 18.03. This issue for the market remains the lack of trade / consumer interest away from the lows and this again was the reason why the upward momentum stalled, specs easing back from their covering allowing prices back into the range. A quiet afternoon ensued as a result with the market increasingly quiet, eventually drifting to welcomed close at 17.77. Overall, this maintains the recent efforts to find a base and wards off the potential of a look at support beneath 17.00, though questions remain over the upward potential with a continuation at the lower end of the range seeming likely.
A mixed opening soon calmed and though things were quiet throughout the morning the tone was more positive today with Oct’22 recovering some of the recent ground and looking a little more comfortable. This provided a base for a push back to the upper $520’s during the early afternoon and while the movement was unspectacular the market appeared reasonably content at the higher levels with light spec interest more than sufficient to support given the lack of any substantial selling. This situation endured throughout a slow afternoon, and while there were occasional nudges upward which resulted in the Oct’22 white premium value nudging back above $137.00 they did not lead to further gains with the broad sideways pattern continuing. The day drew to a close leaving Oct’22 settling at $527.70 and the Oct/Dec’22 only mildly firmer at $24.20, a mildly positive finish but still firmly within the range of the past two weeks.
