FUTURES $US contract higher
The United States dollar contact for April traded in a 230-point range on the New Zealand Futures Exchange yesterday, and finished higher than Monday’s close. “The futures market is saying the New Zealand dollar is weakening, but very gradually,” said Mr Geoff McDonnell, futures manager of Mair and Company, Ltd, of Christchurch. There was another fault in the computerised trading system yesterday, shortly after the main afternoon business, but there was little if any disruption of trading, according to Mr McDonnell. Many traders are now closing out of their long positions rather than staying in the market over night, Mr McDonnell says.
His advice to traders are now closing out of their long positions rather than staying in the market over night, Mr McDonnell says. He suggests traders lock their profit in each night by closing their positions each
day. Wool futures closed yesterday 2c up on Tuesday’s low and Mr McDonnell says there is some suggestion the market may have bottomed out. Details of trading yesterday in the U.S. dollar contract:
SUS CONTRACT 85 Open H/L Last Vol Mar. 2.2900 .2905/600 .2700 51 Apr. 2.3300 .3320/3090 .3160 116 May — _ _ _ June 2.3800 .3800/750 .3775 15 Sep. — _ _ _ Dec. — — — Contracts traded: 182.
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Press, 14 March 1985, Page 30
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204FUTURES $US contract higher Press, 14 March 1985, Page 30
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