FUTURES Crosses keep market alive
United States dollar futures were the busiest contracts in a dull day on the Futures Exchange yesterday. One hundred and seventysix August dollar contracts were traded. At the close, the price was down 160 points (SNZ800) on the Friday close. The easing of U.S. dollar futures mirrored the finning of the N.Z. dollar on the Wellington foreign exchange market during the day. Mr David Halligan, of Jordan Sandman Futures, Auckland, said, however, that the trades in the dollar futures included 120 contracts crossed (both sides taken by the same broker). Half of the 407 trades during the day were traders buying and selling to themselves, Mr Halligan said. This can be for different customers of the same firm.
Prices of both PCP (shortterm) and Government stock interest futures eased.
The August PCP contract closed 17 points down on the Friday close. September was five points down, and December was five points lower. In the Government stock futures. August closed 10 points: easier than the Friday close. September was five points easier, October was unchanged, and December was seven points down. Mr Halligan said the declines in interest-rate futures reflected firmer rates and yields respectively in the 90day bill and secondary Government stock markets.
Wool contracts were busier than usual, and were about 1c easier across the board.
The wheat contracts were marked by a sharp decline in open interest — down 30 per cent
Details of yesterday's trading:
JUS CONTRACTS Mth Open H/L Last Vol Aug 1.8661 .8700/650 .8650 176 Sep 1.9400 .9400/400 .9400 2 Contracts traded: 178 Open positions at July 18: Aug 158, Sep 5, Dec 1, total 164 (up 17).
Contracts traded: 66 Open positions at July 18: Aug 94, Oct 231, Dec 236, Jan 276, Mar 423, May 359, Aug 269, Oct 195, Dec 64, Jan 36, total 2183 (down 30). WHEAT Mth Open H/L Last Vol Mar 211.0 211.0/211.0 210.0 9 Contracts traded: 9 Open positions at July 18: Feb 22, Mar 30, May 18, total 70 (down 30).
COMMERCIAL BILLS Mth Open H/L Last Vol Aug 8345 345/335 335 30 Sep 8345 345/340 340 2 Dec 8370 370/370 370 5 Contracts traded: 37 Open positions at July 18: Aug 543, Sep 503, Dec 475, Mar 340, Jun 68, Sep 48, Dec 45, Mar 47, Jun 10, total 2079 (down 85). GOVERNMENT STOCK Mth Open H/L Last Vol Aug 8348 349/338 338 84 Sep 8349 350/343 343 17 Oct 8347 347/345 345 12 Dec 8355 355/348 348 5 Contracts traded: 118 Open- positions at July 18: Aug 654, Sep 171 , Oct 8, Dec 43, total 876 (down 10). WOOL FUTURES Mth Open H/L Last Vol Oct 518 518/518 518 1 Dec 520 520/520 520 2 Jan 519 520/519 520 10 Mar 524 525/524 525 13 May 528 529/527 529 19 Aug 540 541/539 540 16 Oct 541 541/541 541 2 Dec 541 542/541 542 2 Jan 542 542/542 542 1
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Press, 22 July 1986, Page 39
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489FUTURES Crosses keep market alive Press, 22 July 1986, Page 39
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