FUTURES Short profits
Continuing movement' in world currency is providing action in the United States dollar contract on the Futures Exchange. Those short on Wednesday night made about $lOOO as the contract dropped about 200 points between the highs of Wednesday and Thursday. The movement reflected a weakening of the United States dollar overseas rather than any New Zealand factors, Mr Geoff McDonnell, futures manager of Mair and Company, Ltd, Christchurch, said yesterday. The prime commercial paper (commercial bill) contract was busy again, with 97 lots traded. There was a range of 15 to 20 points between highs and lows. Movement reflected the rising rate for bills on the physical market. Highs were down 21 to 52 points on Wednesday. Mr McDonnell said it was a day of profit-taking for those who had shorted.
He described the day’s woolcontract trading as a nonevent, typical for the time of the season. Details:
COMMERCIAL BILLS Mth Open H/L Last Vol Aug 7560 572/555 570 27 Sep 7565 580/555 565 45 Oct 7595 630/595 630 16 Dec 7850 850/825 825 8 Mar 7850 850/850 850 1 Contracts traded: 97 WOOL FUTURES Mth Open H/L Last Vol Aug 5’35 536/35 536 6 Oct 535 535/35 535 2 Dec — .— — Jan 535 535/35 535 2 Mar 541 541/41 541 5 May 550 550/50 550 1 Contracts traded: 16 SUS CONTRACTS Mth Open H/L Last Vol Jul 2.1040 045/910 980 56 Aug 2.1290 290/150 225 26 Sep 2.1500 500/475 475 2 Contracts traded: 84
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Press, 12 July 1985, Page 16
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247FUTURES Short profits Press, 12 July 1985, Page 16
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