August was the third busiest trading month during the compliance year 2003 with 26 824 tonnes exchanged as steady trading in the early part of the month shifted to volume selling as sellers accepted prices bid in the market. The overall average price for PRNs moved down by £1.08 from last month to £3.48 for the month.
The feature of the year continues to be the large number of transactions with the number to date closing in on 1000 over double to the equivalent time last year. The monthly average transaction size increased in August to 265.58 tonnes as sellers reluctantly accepted volume bids at low prices.
Where recovery is concerned, the month opened with volume selling. Light trading has followed as sellers have resisted being pushed through the £3 barrier.