FUTURES Speculators pick wool price lift
A surge in the New Zealand dollar and expectations of a higher wool price this week provided most of the impetus in futures trading yesterday. The kiwi dollar reached 54.20 U.S. cents late in the morning on the Wellington foreign-exchange market, causing a dip in U.S. dollar futures. These recovered as the kiwi dollar weakened and fell under 54 U.S. cents, and the futures closed on their high of 1.8650, unchanged from the Monday close. Wool futures were markedly firmer and finished on their highs for the day. August closed 7c up on the Monday close. Other rises included: October 2c, December 4c, January 6c, March and May 3c, and August, 1987, sc. Mr Peter Dumbleton, of Mair Astley Futures, said the futures market expected firmer prices tomorrow at the first auction of the new wool season. PCP (short-term) interest futures fell during the day, reflecting a firming of 90-day bill interest rates. (Interest-
rate futures move Inversely to the physical markets.) August closed 20 points down on the Monday close; September was down 27 points; and December 28 points. The PCPs are indicating physical 90-day rates of 16.58% (December) to 16.87% (September). The Government stock contracts were mixed, with August down one point, and September and December up three points. Mr Dumbleton said there was a lot of day trading at present. Many speculators were reluctant to take strong positions before the Budget. Wheat futures were unchanged yesterday at $2lO a tonne, in minimal trading. Details of yesterday’s trading: SUS CONTRACTS Mth Open H/L Last Vol Aug 1.8612 .8685/8630 .8650 22 Contracts traded: 22 Open positions at July 21: Aug 297, Sep 5, Dec 1, total 303 (up 139).
Open positions at July 21: Aug 549, Sep 504, Dec 480, Mar 340, Jun 68, Sep 48, Dec 45, Mar 47, Jun 10, total 2091 (up 12). GOVERNMENT STOCK Mth Open H/L Last Vol Aug 8335 343/330 337 391 Sep 8335 340/335 340 16 Dec 8347 348/347 348 6 Contracts traded: 413 Open positions at July 21: Aug 651, Sep 173, Oct 19, Dec 46, total 889 (up 13). WOOL FUTURES
Contracts traded: 64 Open positions at July 21: Aug 94, Oct 230, Dec 234, Jan 275, Mar 423, May 358, Aug 257, Oct 195, Dec 65, Jan 37, total 2168 (down 15). WHEAT Mth Open H/L Last Vol Mar 210.0 210.0/210.0 210.0 1 May 210.0 210.0/210.0 210.0 1 Contracts traded: 2 Open positions at July 21: Feb 15, Mar 30, May 18, total 63 (down 7).
COMMERCIAL BILLS Mth Open H/L Last Vol Aug 8330 335/312 315 89 Sep 8300 313/300 313 17 Dec 8340 342/340 342 2 Contracts traded: 108
Mth Open H/L Last Vol Aug 520 525/520 525 16 Oct 519 522/518 522 15 Dec 524 524/524 524 1 Jan 524 526/524 526 5 Mar 525 528/525 528 2 May 529 532/529 532 16 Aug 545 545/545 545 2 Oct 544 545/544 545 4 Dec 545 545/545 545 2 Jan 548 548/548 548 3
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Press, 23 July 1986, Page 39
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503FUTURES Speculators pick wool price lift Press, 23 July 1986, Page 39
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