FUTURES SUS contract jumps 670
The see-sawing New Zealand dollar caused big gains and losses on the futures market yesterday.
The U.S. dollar contract rose 670 points, bringing windfalls of $3500 for a buy contract and calls of the same amount for a sell contract.
Mr David Halligan, of Jordan Sandman Futures, Auckland, said the movement came after the fall in the kiwi dollar overnight. (The kiwi dollar rose late in the. afternoon again.) He believes that “someone in London” is speculating heavily on the kiwi dollar.
Wool contracts firmed 2c to 3c across the board. This was despite a poorer tone at the wool auction yesterday, with the 35F2D type down 12c.
The earlier fall of the kiwi dollar, and a likely shortage of wool later in the year, seemed to be leading futures investors to pick firmer prices from May on, Mr Halligan said. (The PCP (interest-rate cdptract) index fell 4O
points. This might have reflected physical-market trends on settlement day for the Treasury-bill contracts, Mr Halligan said. Details of yesterday’s trading:
SUS CONTRACTS Mth Open H/L Last Vol Jan 1.9970 2.0190/1.9970 1.9971 103 Contracts traded: 103 Open positions as at Jan 8: Jan 389, Feb 10, Mar 1, Jun 1, Sep 1, total 402 (up 4).
Sep 8000 8000/8000 8000 4 Contracts traded: 247 Open positions as at Jan 8: Jan 416, Feb 387, Mar 854, Jun 82, Sep 70, Dec 17, total 1826 (up 6).
Open positions as at Jan 8: Jan 86, Mar 225, May 385, Aug 205, Oct 203, Dec 218, Jan 184, Mar 285, May 178, total 1916
COMMERCIAL BILLS Mth Open H/L Last Vol Jan 7940 940/900 900 65 Feb 7930 930/900 900 51 Mar 7830 830/805 810 117 Jun 8000 8000/7985 7985 10
WOOL FUTURES Mtb Open H/L Last Vol Mar 506 506/506 506 1 Aug 525 525/525 525 5 Oct 526 526/526 526 2 Dec 521 526/521 526 8 Jan 525 526/525 .526 11 Mar 532 532/532 532 2 May 536 Contracts 536/535 traded: 32 536 3
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Press, 10 January 1986, Page 9
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337FUTURES SUS contract jumps 670 Press, 10 January 1986, Page 9
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