Daily Market Price Updates and Commentary 7th August 2026

An unchanged start provided the base from which the market was quickly able to resume its upward trajectory and Oct’26 push through its first chart point to reach 15.84 within the first hour. With the larger part of the spec community not yet active the market then looked to consolidate the gain, and rangebound activity ensued for the duration of the morning. Early afternoon saw the price nudge up further to 15.90, but when this effort ended it seemed that momentum may have been being lost. That assessment was wholly incorrect, and the rest of the day saw funds/specs driving the price aggressively. The 16.00 level took some work to break with plentiful selling in place at the psychological level, but once it had been removed the momentum grew relentlessly. Huge quantities of grower pricing were filled along the way as the price climbed all the way to 16.49, a gain of almost 200 points from Mondays lows, the scale of the activity illustrated by an Oct’26 screen volume of more than 200,000 lots. Ant profit taking was simply absorbed as others moved to buy, and the close arrived with prices holding in the 16.40’s to achieve a settlement level at 16.45. The next target for Oct’26 will be the March high at 16.65, and with the funds in this current mood who can say where this move ends. 

Yesterday’s breakout performance has given huge technical strength to the whites, and there was no sign that the momentum would end as Oct’26 quickly made a move into the $490’s. The early buying then eased and for several hours’ prices were left to track along within the range, though that they remained above last nights closing value was encouraging and showed the current strength. Early afternoon brought some renewed buying that moved values back towards the morning highs, and the appetite of spec buyers continued to grow with the prospect of taking the spot above $500. This was achieved with a mid-afternoon push that sent values soaring once more, and with clean air on the chart the market achieved highs at $505.00. Such was the scale of buying for No.11 this left the Oct/Oct’26 white premium a couple of dollars lighter in the $141.50 area, however the overall dynamic was incredibly strong and Oct’26 heads into the weekend valued at $503.40 and looking incredibly strong technically.