Daily Market Price Updates and Commentary 18th February 2025

Today’s session opened at 20.50 cents/lb, with an initial wave of buying activity that quickly lifted prices to 20.65 cents/lb within the first few minutes. This early strength suggested a firm market tone, likely driven by speculative interest and short covering. The upward momentum continued through the morning, with prices gradually climbing as participants tested higher levels. By mid-session, the price reached its highest point of the day at 20.72 cents/lb, marking a temporary ceiling for the market. At this stage, the market appeared to struggle to build on these gains, with resistance emerging around the highs. Some participants began to take profits, leading to a slowdown in upward momentum. The inability to sustain movement beyond this peak prompted a shift in sentiment, with selling pressure gradually increasing. As the session progressed, the market began to pull back from its highs. Prices saw a series of fluctuations, with attempts to recover being met by renewed selling. This suggested that participants were keen to lock in gains, limiting the potential for further advances. The market showed signs of hesitancy, consolidating in a range around 20.57 before a more pronounced decline set in later in the session. In the final stretch, selling pressure intensified, causing the market to drift lower. The decline furthered towards the end of the session, with prices eventually settling at 20.49 cents/lb, just below the opening level. The March/May’25 spread widened, reaching a high of 1.43 points before slipping back to close at 1.26 points, reflecting mixed sentiment among traders. Volume was 21,401 lots, indicating active participation but without a decisive directional move.

Today’s session began with a short sell off, opening at $543.60 and touching lows of $540.2. In the early moments of trading, there was also an attempt to push higher, with prices climbing to $543. This upward movement, occurring within the first hour of trading, suggested initial buying interest. However, resistance emerged, preventing further gains and leading to a shift in momentum. As the morning progressed, the market struggled to hold onto early gains. A series of price fluctuations followed, with sellers gradually gaining control. By mid-session, around 1:00 PM, the market reached its peak for the day at $544.30, but this level acted as a ceiling, with prices unable to advance further. Selling interest increased at this stage, leading to a gradual decline. The downward movement became more pronounced in the early afternoon, with prices drifting lower as the session unfolded. By around 2:45 PM, the market reached its lowest point of the day at $539.90, reflecting a shift in sentiment as sellers became more aggressive. Attempts to stabilize around this level followed, with some buying interest emerging, leading to a modest recovery. Despite this, the market remained under pressure, with prices moving within a tight range in the final hours of trading. Towards the close, selling pressure resurfaced, preventing any significant recovery. The market ultimately settled at $540.70, below both the session open and the mid-session peak, signalling a cautious end to the day. The overall price action indicates that while there was initial optimism, the failure to sustain gains led to increased selling interest, with market participants hesitant to hold positions into the close.