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.
overnight funding cost on lumber
in IG Account Support - MyIG Help
Posted
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.
T2 – T1 = 31 days
P2 price is 858.3 CME source
P3 price is 765.8 CME source
Basis = ( 765.8– 858) ÷ 31 = A$1.51
IG charge = 78246.3 x 2.5% ÷ 365 = A$5.359
Adjustment = (0.6xA$1) x (A$5.359 - A$1.51) = A$19.36*