Below is a line graph portraying the spread movement between JUL17WMAZ over MAR17WMAZ.  The spread has steadily closed since the end of May with just more than R300.  The closing in the spread comes as the March contract decline R558 in nearly 40 sessions from R4617 to R4059 whilst the July counterpart closed less, only shedding R245 from R3137 to R2892.  The spread currently stands at -1167 (July less March) and vs the same time last year of -640