Daily Market Price Updates and Commentary 4th November 2026

There was buying around as we resumed this morning with the lower levels attracting interest from consumers as well as finding some hedge lifting against newly written business as entities acted upon the fall in prices. This took March’27 ahead to 18.51, but with no other buying to back up the hedging the progress stalled, and we settled down to sit in the 18.40’s. Funds/specs were quieter with the consolidation allowing them to take stock, and while there was some small extension of the early range with the price falling back to overnight levels it was only being driven by light day trader interest. There was little change to the picture moving into the afternoon, and aside from a brief pop up to 18.56 the existing parameters held and extended the sideways pattern. Smaller traders continued to chop the price around within the range but without widening the band any further and with the close approaching the modest gain remained in place. One last buying input late in the day meant a double-digit gain was registered at 18.47, though overall the day offered little in terms of recovery and simply served as consolidation.   

Hedge lifting on the opening saw March’27 trade up to $518.50, but it was a short-lived rally and soon the price looked to pull back. A period was spent holding ahead of $514.00 but by the middle of the morning the lack of any additional buy side interest encouraged day traders to nudge down into the scale buying and drop the price back to $512.50. This proved to be the low with short-covering quickly following and helping the price back up into the early band, finding an area in which it could consolidate for the next few hours. Through the afternoon the price action became a little more choppy and new highs were seen at $518.80, however given the recent loss the mild gains simply serve as an opportunity for traders to reassess and consider next moves. Dec’26/Mar’27 meanwhile ended its recent recovery as rolling pressure sent the value all the way back to -$20.00 late in the afternoon, ending the recovery that the March’27 weakness had afforded. March’27 reached a higher close at $517.30, stemming the decline and creating the potential to fill the gap to $524.80 even if a wider recovery is not attainable.