The ICE Mar contract gave up 117 points on the week before Christmas, with fresh mill buying and mill on-call fixations apparently muting the effects of speculative liquidation. The Mar contract finished the week at 69.87 with the nearby spread weakening a bit to (0.40), still far below full carry.
For this week…
The ICE Mar contract gave up 33 points on Fri, settling at 69.87 – a 117 point setback on the week. The Mar contract also lost 33 points at 70.60, the net effect leaving the Mar – May spread unchanged at (40). Volume for Mar delivery slowed at just above 7K lots while Mar OI contracted at around 165K contracts.
For today…
The ICE Mar contract picked up 7 points on Thu, post the release of mostly constructive US export data, settling at 70.20. The Mar contract gained 12 points at 70.60, the net effect leaving the Dec – Mar spread weakened at (40). Volume for Mar delivery slowed at just above 10K lots while Mar OI contracted at around 166K contracts.
For today…
The ICE Mar contract recovered ahead of the US export report, gaining 79 points to settle at 70.13. The Mar contract gained 71 points at 70.48, the net effect leaving the Dec – Mar spread strengthened at (35). Volume for Mar delivery quickened at nearly 21.5K lots while Mar OI contracted at around 166.5K contracts, and this continues to support the notion that speculative liquidation was largely responsible for the market’s recent sharp break.
For today…
