Below is a graph portraying the spread between MAR17WMAZ and JUL17WMAZ, with July over March.  The spread continued to close over the past 4 weeks.  The R362 close from -1303 to -941 came as the March contract shed R675 to trade at R3709 whilst its July counterpart only shed R313 to trade at R2768.  The current year spread is portrayed against the previous 4yr’s as well as its average