Today No.11 market opened at 23.80, 4 points above Friday’s settlement. Market began with some upward movement and tried to breach the 24c barrier at 9 am. Some power was lost in the next hour, with prices returning to opening levels, touching 23.74. From 10am until 1pm, buyers built some constructive positions and market tried again to breach 24c/lb but that levels were offering resistance. From 1pm to 2pm, into the Americas opening, more selling volumes were seen, and market went down again to trade at 23.74. At 2h15 pm, market saw some stronger pushes, with higher volumes. Following that movement, daily high was reached at 3pm, trading at 24.16, although the levels above 24c were not held for long. Market saw strong and quick liquidations starting just after daily high. At 4pm, market was trading near opening levels again, but the next half an hour marked even bigger volumes. Between 4h25pm and 4h30pm, about 7000 lots were traded and the daily low was recorded at 23.38. From that time until closing, market traded sideways and No.11 closed valued at 23.46. Settlement price was 23.40 (-36 points, -1.52% change), volume traded was 65k lots and V3/H4 spread closed at -0.31.
Today the Oct’23 contract opened at a price of $689.4, reflecting a modest uptick in comparison to the closing figure of $687.0 recorded on the prior trading day. In the first 30 minutes of market, the price kept rising slowly until it reaches the $694 level. Subsequently, the price experienced a downturn, briefly falling below the $690 level. For the next 5 hours, the market kept floating from $688 to $691 levels accompanied by subdued trading volumes, that was broken around 2h30pm when the market showed a strong recovery resulting in a rapid $7.70 USD appreciation within a span of 20 minutes although it started a downfall right after from the day high at $695.90 to the day low at $681 over a duration of 1:30h. In the last trading hours, the market demonstrated increased stability during the final moments with minimal fluctuations. The settlement price was $681.8, -$5.2 from yesterday’s settlement and a -0.76% change from the previous session. Oct’ 23 registered 6K lots of volume, and the V23/Z23 spread closed at + $16.9.
