FUTURES Tender the key

Press, 14 February 1986, Page 10

FUTURES Tender the key

Today’s announcement of interest rates in the latest Government stock tender dominated futures trading yesterday, said Mr Geoff McDonnell, the manager of Mair Astley Futures. Trading was busy in the United States dollar contract as the New Zealand dollar lost US2c after heavy selling by American interests. The 2c drop was a technical reaction and the kiwi dollar could strengthen again provided the Government stock tender rates maintained their high yields, he said. Prices in the prime commercial paper (PCP) contract traded in a very narrow range and the PCP index showed that traders were reluctant to go anywhere or in any clear direction. “But if today’s stock tender confirms the high interest rates then we could see a major movement, probably on the downside,” Mr McDonnell said.

Wool futures prices remained at their lows in the morning but gradually improved in the afternoon ' to finish 1c up across the board. However, the catalyst for

this contract would be today’s tender announcement, he said. SUS CONTRACTS Mth Open H/L Last Vol Feb 1.8410 9695/8400 8800 71 Mar 1.8560 8850/8560 8850 96 Contracts traded: 167 Open positions at February 12: Feb 327, Mar 24, Jun 3, Sep 2,. total 356 (up 9). WOOL FUTURES

Contracts traded: 88 Open positions at February 12: Mar 136, May 364, Aug 200, Oct 209, Dec 214, Jan 222, Mar 311, May 215,. Aug 36, total 1907 (down 1).

Contracts traded: 128 Open positions at February 12: Mar 1109, Apr 333, Jun 119, Sep 72, Dec 17, total 1650 (down 164).

Mth Open H/L Last Vol Mar 491 492/490 492 7 May 500 503/500 503 14 Aug 521 521/518 521 13 Oct 521 521/520 521 8 Dec 521 521/520 521 9 Jan 520 523/520 523 7 Mar 526 528/525 528 12 May 532 532/530 531 12 Aug 540 544/540 544 6

COMMERCIAL BILLS Mth Open H/L Last Vol Mar 7645 655/642 642 70 Apr 7715 720/710 710 22 May 7810 810/795 795 35 Sep 7880 880/880 880 1