Today No.11 opened at 27.28, 6 points above Wednesday settlement. Just after opening, daily high was registered, when market traded at 27.38. The trading session then printed a negative macro environment, with losses to commodities in general. At 10am, market was trading at 27.14, and soon after, big volume liquidations were seen, bringing market below 27c, trading at 26.90. At that point, some consumer buying started, leading to some correction to the 27.10 zone around 11am. Market then traded sideways until 1pm. Further liquidations were seen in the afternoon, bringing again market back below 27c. Daily low was registered at 26.81. Market traded around that level from 2pm until 5 pm. Some recovery was seen near closing, with a tentative to breach 27c again but market ended up closing at 26.88. Settlement price was 26.98, a – 0.24 points from previous settlement. Volume traded was 75k lots and spreads weakened during the session, with H4K4 losing 5 points, settling at 1.23.
Today, Mar’24 opened at $742.2, experiencing a decrease of $3.9 USD/Mt compared to yesterday’s settlement, where it operated without the No.11. In the first 30 minutes, the market printed a small upward movement toward yesterday’s settlement but couldn’t sustain it, falling shortly after. In the next hour, it reached the day’s low at $735.90, followed by a recovery above $740 and remaining between $740 and $743 for 2 hours. However, another downward movement occurred, dropping the prices below the $740 levels. Until the end of the market, it didn’t show enough strength to recover the opening levels, leading the settlement price to close at $738, a decrease of $-8.1 from yesterday’s settlement and a -1.09% change from the previous session. Mar’24 recorded a volume of 6k lots, and the H4/K4 spread closed at +19.7.
