The ICE Mar contract gave up 50 points on Fri, but picked up 156 points on the week, settling at 76.41. The May contract experienced similar gains, although the nearby spread weakened slightly over the course of the week. OI continued to contract in Mar as Index funds rolled long positions forward while OI against all active counteracts continued to expand.
For today…
The ICE Mar contract continued to surge ahead of the weekly US export report, gaining 150 points on Wed to settle at 76.44 – a six month high. The settlement was very near the top of the trading range, which was almost completely to the upside of Tue’s settlement. The May contract gained 145 points, settling at 77.05 – the net effect leaving the Mar – May spread modestly strengthened at (59). Volume for Mar delivery quickened at nearly 26K lots; OI in Mar contracted at just below 153K lots.
For today…
ICE certificated stock jumped nearly 20K bales on Tue to 153,635 bales, a development that could prove bearish in early trading on the final day of the Rogers index fund roll.
