Today No.11 opened at 27.17, 3 points below yesterday’s settlement. There was negative sentiment after the opening with market quickly reaching 27.00 near 9h30am. Further losses followed with bigger trading volumes leading market to trade near 26.90. Sideways movements were seen near the 26.90 mark until 1pm. At that point, a big buyer appeared leading market to trade at 27.06. There was no sustentation at these levels and market corrected again to the previous range. For the next 2-hour period market traded nearby the 26.80 mark until 4pm. Increasing buying volumes just prior to close led market to close just above 27.00, at 27.06. Settlement price was 26.99, 21 points below yesterday’s settlement. Volume traded was 62k lots and H4K4 spread weakened to 1.13, down 11 points.

Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

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