It was a positive start to today’s session with Oct’24 quickly reaching back toward 17.8c/lb after two sessions trading around the No.11 2 year low. After the initial burst of buying, prices moved quietly sideways over the rest of the afternoon on thin volume before another flurry of buying kicked things off upward into the afternoon. Over the next few hours, the market traded back through 18c/lb, reaching the day’s high of 18.06c/lb shortly after. Into the final few hours this momentum ran out with some of these gains given back to end the day at 17.85c/lb. If the market can continue to hold at this level or step on over Friday it could signal that the longstanding 18-21c range could still just be intact after yet a further test.
The whites market opened strongly, instantly jumping back toward 510USD/mt shortly after trading began and reversing most of the losses of the previous few sessions. Whilst it wasn’t able to hold onto these gains for long, prices began to consolidate back around 506.5USD, setting the base for a strong rally to begin the second half of the day. Oct’24 prices confidently worked their way up to 517USD/mt with a few hours though were unable to break through. The final few hours saw a small slide back to 512.6 USD/mt where trading finished. With gains in the No.5 slightly outstripping the No.11, the VV24 white premium strengthened back toward 119 USD/mt throughout the day.
