A far calmer and quieter day saw the market consolidate either side of last night’s closing levels throughout. There was only minimal volumes changing hands outside of the spot month, and here March’20 held comfortably at 13.23, a single point above yesterday’s lows to form the first inside day seen for a while. The biggest movements seen were in the white premiums with support for the whites bringing values upward by $1 to $1.50, though here too it was only on very low volume so not necessarily representative of a sustainable move. Spec longs were conspicuous through their absence and it was only during the final hour that they briefly showed, bidding March up to a new session high of 13.41 in a short-lived moved that ended as soon as their buying eased. By the close we were back around unchanged levels on long liquidation with some moderate MOC selling providing a marginally lower settlement at 13.27.
