FUTURES PCPs fail to react
The prime commercial paper (PCP) contract showed no significant reaction yesterday to the news by the Minister of Finance, Mr Douglas, on liquidity management, said Mr Alan Overton, a trader for MairAstley Futures.
The contract rose about 30 points across the board yesterday, but there was no significant fluctuation in the interest rates on the physical market either. Trading was only moderately active. Wool futures were active, particularly because of stop-loss activity which caused prices to firm 3c. But, the contract ended lc down on the previous close as sellers returned. The United States dollar contract was quiet and traded in a narrow range, reflecting what was happening to the New Zealand dollar on the physical market, Mr Overton said.
Details of trading yesterday were:
SUS CONTRACTS Mth Open H/L Last Vol Dec 1.7960 8000/7865 7865 22 Jan 1.8195 8195/8100 8135 4 Contracts tradea: 26. COMMERCIAL BILLS Mth Open H/L Last Vol Dec 8010 8026/8010 8017 13 Jan 7910 942/910 942 66 Feb 7908 940/908 935 71 Mar 7840 850/840 848 20 Jun 8080 8085/8080 8085 8 Sep 8040 8040/8040 8040 5 Contracts traded: 183. WOOL FUTURES Mth Open H/L Last Vol Jan 467 467/465 465 4 Mar 476 476/475 475 5 May 487 487/485 485 6 Aug 503 503/500 500 11 Oct 503 503/499 499 17 Dec 501 503/499 499 19 Jan 501 503/500 500 20 Mar 512 512/509 509 14 Contracts traded: 96.
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Press, 5 December 1985, Page 64
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240FUTURES PCPs fail to react Press, 5 December 1985, Page 64
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