During the NY period the trading is unusual as the SGX becomes the main reference point.
But actually comparing as closely as is possible contracts that are different for same period ie
DCE last Friday for May was up 7.59%
SGX today was down 6.39%
So still up 1.2%
For the FEB contract on the SGX it's only down 6% against a context of 7.59% growth on Friday on the main futures exchange (DCE).
Anyway it's going to be interesting to watch this weeks action given the SGX has a different dynamic than the DCE & it's really the only reference point until the NY ends.
I'm backing the SGX FE futures to turn around. The volumes near close last Friday on the DCE were strong.
A solid side trend I have observed has been the slow but well defined reduction in the 58% discount since it blew out after the IO price fell over in Oct . It's subtle but the price growth I have observed in the 58% grade on the SMM shows a solid trend.
The long term trend is towards the higher grades and that makes sense from a decarbon perspective - I'm not challenging that. However as the CCP unshackles the steel mills it will be looking to maximise margins and with high Met coal costs 58% grades might be more attractive.
Just my 2 cents.
Note that SMM doesn't produce any reports across the New Years period. So I'll try to post some other relevant info.
cheers, not invest advice. DYODD
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