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Good volume rolls in K/N'08
12
Apr '08
Friday session started off quiet and slow as market cautiously approaches the May contract options expiration. Following the clue from the Chicago grains market, overnight ICE opened at unchanged and gradually traded lower in thin volume.

The options pit had a boring beginning session as well, as the market was generally waiting for the gains market to reopen. End of the day, May contract settled at 74.16, 59 points lower.

A look at the K'08 options reveals that around the market level the biggest open interest lies in the 75 cent calls and 70 & 75 cent puts. There was anticipation in the ring that May should go into expiration around the level of 73 or 74 cents. The May open interest has been on a steady down path due to the rolling activities.

It was reduced by another 7,600 contracts yesterday, and it's now down to 57,800 contracts in open interest. Good volume rolls in K/N'08 was seen, which traded about 12,000 times. It will be interesting to see how much open interest it carries into notice period with the continuously growing cert stocks.

A hanging man candle stick took the K'08 options into expiration today. With the volatile market we've seen in the past months, the contract high was traded near 93 cents on black Tuesday March 4th, with the synthetic price touching 109. we have been rallying from beginning of this month and the settlement price today was at well anticipated level.

With the widening spreads between May and July contracts, decent volume was traded today, which could further lower the May open interest by a good number of contracts. Now that K'08 options are out of the way, carry between the spot and forward month will define the cert stocks to be tendered to NY.

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