FUTURES Financials firm

Press, 24 July 1986, Page 30

FUTURES Financials firm

Financial futures all firmed slightly yesterday, as dull pre-Budget trading continued, with low volume in all but the interest-rate contracts. U.S. dollar futures closed five points down on the Tuesday close. The contract fluctuated during the day in line with the N.Z. dollar on the foreignexchange market, which reached 54.15 U.S. cents before falling -under 54c, said Mr Peter Jones, futures manager of Buttle and Company, Auckland. In the PCPS (short-term interest) August closed 10 points firmer than on Tuesday, September was seven

points firmer, and December three points up. Government stock futures were also firmer, August closing seven points up on the Tuesday close, and September and December four points firmer. Wool and wheat futures were steady. Crude oil prices were coming down to the good buying levels he had spoken about in this column last week, Mr Jones said.

Egyptian crude had sold this week at SUS9.6O a barrel, although non-market factors might have affected the price. The stock market had not reacted favourably to the low oil prices. The market needed a good result to counter the disappointing report last week from IBM.

In currencies, the U.S. dollar was beginning to pick up again. Mr Jones predicted that Japan and West Germany would cut their discount rates to help support the U.S. dollar.

Grain prices might be bottoming out, Mr Jones said. Russia was buying wheat on Tuesday (early Wednesday, N.Z. time), perhaps because of shortages of edible grains after the Chernobyl nuclear mishap. It was- a time to wait and see rather than rush in, but the grain markets were worth watching. Details of yesterday’s trading in New Zealand: SUS CONTRACTS Mth Open H/L Last Vol Aug 1.8570 8685/570 8685 10 Contracts traded: 10 Open positions at July 22: Aug 250, Sep 5, Dec 1, total 256 (down 47). COMMERCIAL BILLS

Contracts traded: 297 Open positions at July 22: Aug 571, Sep 495, ’Dec 480, Mar 340, Jun 68, Sep 48, Dec 45, Mar 47, Jun 10, total 2104 (up 13). GOVERNMENT STOCK

Contracts traded: 126 Open positions at July 22: Aug 627, Sep 171, Oct 19, Dec 52, total 869 (down 20). WOOL FUTURES

Contracts traded: 37 Open positions at at July 22: Aug 94, Oct 225, Dec 234, Jan 275, Mar 424, May 352, Aug 257, Oct 196, Dec 65, Jan 40, total 2162 (down 6). WHEAT Mth Open H/L Last Vol Feb 210 210/210 210 3 May 212 212/212 212 1 Contracts traded: 4 Open positions at July 22: Feb 15, Mar 30, May 18, 63 (same).

Mth Open H/L Last Vol Aug 8320 327/320 325 65 Sep 8320 320/307 320 77 Dec 8345 350/345 345 55 Mar 8310 310/310 310 50 Jun 8330 330/330 330 50

Mth Open H/L Last Vol Aug 8340 344/338 344 116 Sep 8340 344/340 344 9 Dec 8352 352/352 352 1

Mth Open H/L Last Vol Oct 522 522/522 522 6 Dec 524 524/524 524 2 Jan 524 524/524. 524 3 Mar 528 529/528 528 7 May 533 533/532 532 11 Aug 543 543/542 542 4 Oct 542 542/542 542 5 Jan 546 546/546 546 1