REPORTS

Having started to pull away from recent lows yesterday we saw Aug’21 continuing to edge upward this morning as steady buying pushed the price upwards to reach $458.00 as we passed noon. The flat price rally continues to come in contrast to the spread and white premium direction, though with regard the Aug/Jul’21 it did at least return near to overnight levels as we reached the highs having earlier slipped to $70 as we failed to keep pace with the movement in No.11. A spike to a new session high $458.50 followed as US traders came online however this marked the end of the recovery with an easing in the buying from specs/day traders allowing values to slide back into the range once more. Volumes remain very light which is proving counter productive as it appears to be deterring some of the trade involvement and this leads to continuing swings in value with the afternoon seeing a slide back to $452.20 before the upward trend resumed. White premiums were finally cheap enough to be attracting some buying that enabled Aug/Jul’21 to recover to $75 during the afternoon, giving the flat price an extra shot in the arm as new session highs were registered during the final hour. These highs along with strength elsewhere in the softs sector combined to bring additional buying to the market during the latter stages, resulting in a session high at $461.40, while a settlement just beneath this at $460.80 provides the technical support to try and continue upwards.   

· White premium values maintained their recovery through to the end of the session and closed positively at $74.50 for Aug/Jul’21, $79.50 for Oct/Oct’21 and at $80.25 for March/March’22.