• Following on from yesterday’s stronger performance we built upon the stronger technical picture to send prices up to new recent highs once more. Unsurprisingly it was the funds that were the main drivers of the move, encouraging in algo’s and pushing through the array of trade and producer selling that lay overhead. Having broken into fresh ground above 13.79 the buying ratcheted up further, while more encouragingly for the longer term upside prospects there was strength being seen for the nearby spreads as March/May surged from -0.05 points into a small premium. Having printed beyond 14c there was an element of consolidation, however further gains were to be made during the later afternoon. Volume was huge, with in excess of 300,000 lots changing hands and we remained firm until the end, trading a high of 14.12 for March’20 before ensuring a strong technical close at 14.07 for the front three prompts. 
undefined

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.

More from this author