FUTURES PCPs mirror rising bills
Heavy trading continued in the PCP (interest-rate) contract on the Futures Exchange yesterday. On the physical market, 90day bill interest rates continued their rise, reaching 22.85 per cent, which is a rise of four percentage points since December 15, says Mr Geoff McDonnell, futures manager of Mair Astley, Ltd. The PCP index rose and fell inversely to physical interest rates yesterday, finishing about 30 points down on the Tuesday close. Sixty-five lots of wool futures were traded, and prices fell another 1c across the range. Mr McDonnell said that the market was apparently expecting a weaker wool sale today.
The U.S. dollar contract showed volatility, moving through a 260 point range. This reflected the movement of the kiwi dollar on the physical market. The kiwi closed slightly firmer than on Tuesday. Mr McDonnell said there were signs that the kiwi would strengthen this week.
Details of yesterday’s trading: SUS CONTRACTS Mth Open H/L List Vol Jan. 1.9825 .9860/600 .9860 22 Feb. 1.9800 .9920/800 .9860 7 Contracts traded: 29 Open position as at Jan. 14: Jan. 426, Feb. 14, Mar. 1, Jun. 1, Sep. 1, total 443 (up 60). COMMERCIAL BILLS Mth Open H/L Last Vol Jan. 7725 745/680 7685 31 Feb. 7710 725/680 690 124 Mar. 7700 700/660 665 102 Jun. 7950 950/950 950 2 Contracts traded: 259 Open position as at Jan. 14: Jan. 91, Feb. 307, Mar. 975, Jun. 92, Sep. 72, Dec. 17, total 1554 (down 67). WOOL FUTURES Mth Open H/L Last Vol May 507 507/503 503 11 Aug. 515 515/514 514 7 Oct. 516 516/515 516 12 Dec. 518 518/515 516 3 Jan. 518 518/516 517 13 Mar. 525 525/523 523 14 May 527 531/527 531 5 Contracts traded: 65 Open position as at Jan. 14: Jan. 18, Mar. 224, May 387, Aug. 214, Oct. 214, Dec. 224, Jan. 188, Mar. 289, May 176, total 1934 (same).
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Press, 16 January 1986, Page 20
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317FUTURES PCPs mirror rising bills Press, 16 January 1986, Page 20
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