Guringai

Hi the interest i have been charged for a overnight 0.6 contract position on lumber is $106 amounts to a interest rate of almost 100% on the gross position. I have calculated the rate based on your website and CME quoted futures rate and it should be no more than a few dollars, think there a error and difference should be refunded. https://www.ig.com/au/help-and-support/cfds/fees-and-charges/why-is-overnight-funding-charged-and-how-is-it-calculated- You’re short one 0.6 contract on Lumber A$1 T2 – T1 = 31 daysP2 price is 858.3 CME sourceP3 price is 765.8 CME sourceBasis = ( 765.8– 858) ÷ 31 = A$1.51IG charge = 78246.3 x 2.5% ÷ 365 = A$5.359Adjustment = (0.6xA$1) x (A$5.359 - A$1.51) = A$19.36*