FUTURES Trading settles
Trading in the United States dollar contract was quiet yesterday, as the futures market closely followed the steady foreign exchange market, said Mr Geoff McDonnell, the manager of Mair-Astley Futures.
In the meantime, quiet trading could be expected in the dollar contract until another significant event, such as the panic selling experienced on Monday, occurred again. The prime commercial paper (PCP) contract was extremely busy yesterday as the index moved down 100 points because of firmer interest rates for 90-day bills. The index came back to finish 30 points off its low for the day, nut the market was expecting firmer rates for 90day bills in the new year. This might mean that it would be well into 1986 before rates in
other areas such as hire purchase, commercial loans, and mortgages fell significantly, he said. The wool futures market was also busy, with some participants taking the view that- prices at tomorrow’s and Thursday’s wool auctions would rocket, while others considered opening short positions was better. Details of yesterday’s trading were: SUS CONTRACTS Mth Open H/L Last Vol Dec 2.0300 0450/0250 0450 15 Jan 2.0750 0750/0500 0640 46 Contracts traded: 61 Open position at December 16: Dec 213, Jan 184, Feb 3, Mar 1, Jun 1, Sep 1, total 403 (up 44). COMMERCIAL BILLS
Open position at December 16: Jan 512, Feb 340, Mar 695, Jun 87, Sep 72, Dec 41, total 1747 (up 24). WOOL FUTURES
Open position at December 16: Jan 137. Mar 214,- May 386, Aug 236, Oct 224, Dec 224, Jan 192, Mar 275, May 138, total 2026 (up 177).
Mth Open 7995 H/L Last Vol Jan ■995/897 925 147 Feb 8090 8000/7895 7925 136 Mar 7980 980/880 890 101 Jun 8075 8080/8075 8075 5 Contracts traded: 389
Mth Open H/L Last Vol Jan 500 504/500 504 11 Mar 520 520/520 520 3 May 520 528/520 526 14 Aug 538 540/536 540 20 Oct 538 540/533 540 40 Dec 540 540/533 530 28 Jan 538 540/536 539 35 Mar 550 551/535 549 39 May 549 Contracts 553/545 traded: 230 551 40
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Press, 18 December 1985, Page 39
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349FUTURES Trading settles Press, 18 December 1985, Page 39
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