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(From Lloyds List)
THE dry derivatives market was extremely bullish last week, led predominately by the strength of the capesize sector with levels pushing new highs on all sizes and curves across the board, writes Jamie Dale.
'The market today is booming and very bullish with a lot of volume,' said one broker.
Strength seen on near term positions for both the physical and paper markets has led to a lot of spread trading on all types with traders continuing from last week to sell capesize Q2 positions for panamax Q2 at a ratio of more than 2:1 and selling panamaxes for supramaxes.
Panamax and supramax contracts firmed throughout the week, using the strength of the capesize market to spread trade and lifting the near-term positions.
Capesize Q2 prices trading last ...