Following the previous few sessions of sustained gains the market looked to wobble a bit today. Strong selling quickly after the open saw prices tumble back down toward 19.30c/lb before somewhat recovering. From there steady losses were the theme throughout the remainder of morning trading reaching back into the 19.30c range by lunchtime. Into the afternoon saw short-lived gains before another round of sharp selling upon release of the fortnightly Unica figures allowing the V24 to plunge back down as low as 19.12c/lb before finding resistance. This provided opportunity for fresh buying, seeing prices climb back toward 19.50c/lb again into the final few hours before closing at 19.54 c/lb with 65k lots traded on the front month.
The whites market followed the raws fairly closely today, shedding some of the gains made earlier in the week during the morning hours. Into the afternoon and the sharp losses taken on the No.11 following the Unica release were mirrored on the No.5, seeing prices fall back toward 530USD/mt. Strong recovery in the final few hours saw much of the losses stemmed, with the V24 settling at 544.7 USD/mt, slightly lower than it opened. Whilst moves in each market were fairly similar today refined prices did fare slightly worse, with the VV24 white premium shrinking a few dollars to around 114USD/mt by the end of day.
