Daily Market Price Updates and Commentary 6th March 2025

The market picked up where it left off with opening prints at 18.20, and there was little change to the value across a very slow morning with the market continuing sideways on low volume. Yesterdays failed recovery will have provided encouragement to the spec shorts that they are well positioned, and the stagnation ended during the early afternoon with some fresh selling from the spec sector arriving to push down into the consumer scale buying again. As it was a move driven by smaller traders there was some choppiness seen due to intermittent position covering, however the ebbs and flows had a clear downward bias with May’25 approaching this week’s 17.94 low mark by the middle of the afternoon. A period spent probing down into the underlying support managed to extend the range down to 17.84, however the buying proved sufficient to hold the market from here and short covering followed during the final part of the session. Having returned above 18c there was some more aggressive covering taken during the final 15 minutes which led the market back to 18.24 on the post close, though settlement was already made at 18.13 by this time. May/Jul’25 settled at 0.33 points and despite the flat price seeing new lows the general market parameters remain unchanged.  

The day got off to a slow start with May’25 sitting near to overnight levels, but having failed to show any positive signs the nervousness of recent losses manifested with the market starting to look lower again. It was a slow and steady decline that took the price down into the upper teens by the end of the morning, which brought Tuesdays $516.40 low mark back into focus. The pattern continued for the next couple of hours to drop the price right onto this mark, and when it broke there was a short burst of spec selling which extended the current move to $514.50. The losses were impacting the white premium value where May/May’25 dropped to the $117.00 area, though pressure for the No.11 did allow some recovery for the differential over the rest of the afternoon. Further lows were recorded later in the afternoon as May’25 touched $513.20, although there was a small recovery from this mark through the final hour as day traders covered back some short positions. This left May’25 closing at $516.90 to remain under pressure, while a late rally for No.11 knocked a dollar back off the white premium value which ended the day at $117.20.