With No.11 closed for a US holiday the whites had freedom to continue the recent strong showing, and a spectacular opening performance saw Oct’22 surge to another new contract high at $583.80 before cooling by a few dollars once the initial buying had concluded. Outright activity was minimal as the market edged along within the confines of the opening range and it was only the continuing roll ahead of next weeks Oct’22 expiry which generated any significant activity with Oct/Dec’22 remaining firm. Down the board we did not see any outright volume beyond Aug’23, emphasising the general lack of interest today, while at the front of the board a recovery back into the lower 580’s did not generate enough momentum to take prices beyond the morning highs. By late afternoon Oct/Dec’22 reached a widest $43.20 before settling just a dollar beneath while Oct’22 ended at 581.50, providing a firmer call for No.11 when it returns tomorrow though recent activities suggest that there is no guarantee that it will follow.
