FUTURES PCPs ‘poised’
The prime commercial paper (PCP) contract is poised to either plunge a lot lower or come back again according to chart positions, said Mr David Halligan, futures dealer for Jordan Sandman Futures, yesterday.
PCPs were corrected back sharply for the second day running because interest rates on the physical marked had eased. The wool contract was extremely quiet with tight quotes and little movement. Prices for the 35F2D clip, on which the contract is based, was 1c firmer at the Napier and Dunedin wool sales yesterday. The United States dollar contract showed a better trading range of between 150 and 200 points, but the volume was quiet with hedgers not being prepared to enter what is more volatile market than PCPs.
WOOL FUTURES Mth Open H/L Last Vol Oct. 485 484/485 485 7 Dec. 500 500/500 500 1 Mar. 512 512/512 512 1 May 518 518/518 518 2 Contracts traded: 11 SUS CONTRACTS Mth Open H/L Last Vol Sep. 1.9000 9150/8980 9135 32 Oct. 1.9350 9505/9350 9495 27 Nov. 1.9600 9605/9600 9605 6 Dec. 1.9975 9975/9975 9975 2 Contracts traded: 67. COMMERCIAL BILLS Mth Open H/L Last Vol Oct. 7425 440/424 427 36 Nov. 7545 555/545 550 20 Dec. 7675 710/675 700 21 86 Mar. 7700 700/700 700 6 Contracts traded: 83.
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Press, 20 September 1985, Page 19
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215FUTURES PCPs ‘poised’ Press, 20 September 1985, Page 19
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