FUTURES PCPs charge up
Prime commercial paper (PCP) futures contracts charged up in busy trading yesterday, reflecting an expected fall in interest rates, said Dr Brent Layton, a spokesperson for Marshall Futures. The reaction appeared to be a delayed response to the Government’s announcement on Tuesday of a refinement in its liquidity management, and the physical market also gave an indication of easier rates. The March ’B6 month, for example, showed a rise equivalent to a fall in interest rates of 0.75 per cent, he said. The physical market for wool was firmer, and appeared to have reached its natural level. The firm wool futures prices also gave the bears food for thought. The New Zealand dollar firmed after the market had digested the shake-out earlier in the week, on buying support because of a weaker United
States currency and a strong Australian dollar: The United States futures contract was easier in quiet trading, but with some activity from corporate hedgers in the January and February months.
$US CONTRACTS Mth Open H/L Last Vol Dec 1.7850 7850/7765 7765 18 Jan 1.7990 7990/7990 7990 6 Feb 1.8200 8200/8125 8125 4 Contracts traded: 28 COMMERCIAL BILLS Mth Open H/L Last Vol Dec 8045 8045/8025 8025 66 Jan 7948 7995/7948 7995 63 Feb 7945 7995/7945 7995 57 Mar 7885 935/870 930 56 Jun 8100 8100/8100 8100 1 Contracts traded: 243 WOOL FUTURES Mth Open H/L Last Vol Mar 476 476/476 476 1 May 485 488/482 488 9 Dec 501 503/501 503 6 Mar 510 511/510 511 4 May 516 516/516 516 1 Contracts traded: 21
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Press, 6 December 1985, Page 20
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262FUTURES PCPs charge up Press, 6 December 1985, Page 20
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