A mixed opening period saw March’24 dip to 23.67 before recovering to 23.87, wide movement given a front month volume of just 800 lots through the first few minutes. It was sufficient to set the tone for a continuation of the recent recovery however and the rest of the morning was spent trying to edge above yesterdays 23.88 high mark although selling in the 23.90 area limited the gains to 23.91. Ahead of the US morning prices remained at the upper end of the range however just when the picture appeared well poised to mount a challenge of 24c there was a fall which sparked day trader liquidation, sending the price back to 23.61. With confidence eroded there was another slide to 23.45 from where the market made another effort to stabilise and moved back to 23.60. What followed was completely unexpected with buying returning and the market accelerating rapidly to a new high at 24.22 on volume of more than 15.000 lots, a remarkable spike on volume that was out of keeping with the paltry offerings of the previous six and a half hours. There was a very brief correction before the upward path resumed and with the chart showing clear daylight above the move extended to 24.48. There was no hint that the buyers wanted to cash in, and the market consolidated near to these highs into the close before reaching another new mark at 24.54 on the post close. Settlement at 24.46 leaves the market very strong technically with no sign yet that the buyers are looking to slow down.
The market was back onto the front foot this morning with opening buying helping March’24 to begin positively at $671.40 and the March/March’24 nudging into the scale selling placed at $147.00. The market then continued to push upward, making another set of new highs for the current move in printing at $674.00, and continuing to hold just shy of this level as we reached noon. The calm was then punctuated by a sudden burst of day trader liquidation which sent prices tumbling across two waves to a session low $664.20. What then followed was as spectacular as it was unexpected. Aggressive buying arrived for No.11 to drive prices quickly through the morning highs, and despite only seeing only light volumes as the price accelerated ahead the drag factor was sufficient to clear through scale selling and reach a high at $684.60. Spreads were naturally buoyant with March/May’24 out to a widest $17.50 while the flat price seemed comfortable holding at the higher levels. With the close approaching the March/March’24 white premium returned to $147.00 having dipped by $2-3 when the market was pulling higher, while the flat price endured despite signs of some light profit taking. New session highs were made late in the day at $686.40, bringing the market more than $100 above the late December lows as we settled at $685.30. 
