Today No.11 opened at 20.51, 9 points below yesterday’s settlement. Recovery was seen 15 minutes later when market rose with bigger buying volumes to 20.80. The movement was not enough to change the negative sentiment that dominated the macro commodity environment and by 9h30am, market was back down trading at 20.46 (daily low). From this moment until 3h30 pm, not much happened in the market, low volumes kept trading range between the 20.50-20.80. Things changed when a big buyer flood the market buying about 1500 lots which took the market from 20.65 to 21.23 with little selling resistance. The move incentivized some buying spec flow and thus market went further up, closing near daily high, trading at 21.87. Settlement price was 21.78, up 116 points from previous settlement (5.63% move). Volume traded was 57k lots and spreads strengthened with H4K4 up 16 points, trading at 0.37. Although it was a day with reduced liquidity, the move may bring some breath and maybe encourage the market up as it was an aggressive move since the end of November consecutive lows.
Today Whites market opened at $596.0, $1.4 above yesterday’s settlement. Following the opening, market lost some power until traded near $590.0 at 9h30am. Sideways movements were seen from that time until 3h30pm, with market prices oscillating between $590 an $597. At that time, following No.11 spec move, market went quicky up with low volume resistance, breaching $610 at 4pm. Market went further up in the coming hours and closed near the daily high, trading at $625.3. Settlement price was $622.4, a $27.8 move from previous settlement. Volume traded was 7.2k lots and H4H4 white premium up to $145.57.
