FUTURES Prices ease
The United States dollar contract lost about 400 points for most months yesterday, because of the continuing strength of the New Zealand dollar, said Mr David Halligan, a future broker for Jordan Sandman Futures. Some people appeared to be prepared to take an overnight position. The market was also busy because of investors going short and closing out. The August month showed a lot of movement, opening at a high of 1.9700, dropping to as low as 1.9420 in the early afternoon, coming back to 1.9500 before closing at 1.9450. The movement was caused by book-squaring in the physical
market, he said. The New Zealand dollar could go higher yet, particularly if the United States dollar weakens overseas. One area of concern for the United States dollar was President Reagan’s health, because the United States economic policies were considered by analysts to be acceptable, Mr Halligan said. The wool contract was again easier, losing between 4c to 6c for the months. Jordan Sandman Futures considered that there was still a little more downside in the contract. The volume was excellent with a lot of hedging and straddling, and also day trading, which was unusual in this contract, he said. The prime commercial bill contract went through a correction today after the futures and physical markets got out of line on Tuesday. The August contract closed at 7620, or about 23.8 per cent, which compared with Tuesday’s close of 7659.
JUS CONTRACTS Mth Open H/L Last Vol Jly 1.9450 500/200 205 39 Aug 1.9700 700/420 455 144 Sep 1.9850 905/650 660 13 Dec 2.0580 910/580 910 3 Contracts traded: 199 COMMERCIAL BILLS Mth Open H/L Last Vol Aug 7655 655/07 620 18 Sep 7650 665/10 622 25 Oct 7775 775/30 730 6 Dec 7930 930/30 930 1 Contracts traded: 50 WOOL FUTURES Mth Open H/L Last Vol Aug 513 513/07 509 43 Oct 516 516/10 510 51 Dec 515 515/11 511 15 Jan 519 519/11 512 45 Meh 525 525/21 521 24 May 529 529/25 525 27 Aug 543 544/42 542 8 Oct 545 545/44 544 6 Dec 546 546/44 544 7 Jan 547 547/44 544 7 Contracts traded: 233
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Press, 25 July 1985, Page 22
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362FUTURES Prices ease Press, 25 July 1985, Page 22
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