1 July 2025: Futures Product Updates
KGI Weekly Futures Update
SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures
Net Long/Short and Price Comparison
We highlight the key price levels that each participant switches their positions between net long and net short based on 2024 data.
2024 | Financial Institution (FI) | Manage Money (MM) | Physicals | Others |
Net Long | Below US$118/mt | Above US$118/mt | Below US$100/mt | NA |
Net Short | Above US$118/mt | Below US$115/mt | Above US$100/mt | NA |
Net-position WoW Change | Remarks | |
FI | +5.95 | Increase for five consecutive weeks. |
MM | -61.42 | Decrease for two consecutive weeks, representing the steepest decline since April. |
Physicals | +52.94 | Increase for two consecutive weeks, representing the largest incline since April. |
Others | +2.53 | Rebound after three consecutive weeks of decline. |
Figure 1: Net-positions by participant segment and price comparison
Source: SGX, KGI Research
Long/Short Traders Snapshot
- Managed Money. The number of MM with long positions declined for five consecutive weeks to 243, representing a low since January 2025. Accordingly, the number of MM with short positions rose for five consecutive weeks to 344, representing a high since November 2024. Seasonally, more MMs are prone to long in 1HQ4 and 2HQ2, and there are more MMs with short positions in 1HQ2 and 1HQ3.
2024 | 2023 | |||
Long | Short | Long | Short | |
High | 423 | 427 | 393 | 248 |
Low | 176 | 131 | 154 | 83 |
Figure 2: Number of position holders iron ore futures
Source: SGX, KGI Research
- Physicals. The number of physicals with long positions increased for two consecutive weeks to 114. Accordingly, the number of physicals with short positions increased for two consecutive weeks to 142, resuming an upwards trend since May 2025. Seasonally, more physicals are prone to being long in 1Q, and there are more physicals with short positions in Q4.
2024 | 2023 | |||
Long | Short | Long | Short | |
High | 135 | 145 | 111 | 147 |
Low | 77 | 107 | 68 | 96 |
Figure 3: Number of position holders iron ore futures
Source: SGX, KGI Research
- Others. The number of others with long positions rose for six consecutive weeks to 102, representing a high since December 2024. The number of others with short positions increased for two consecutive weeks to 107.
2024 | 2023 | |||
Long | Short | Long | Short | |
High | 131 | 131 | 134 | 152 |
Low | 68 | 83 | 103 | 101 |
Figure 4: Number of position holders iron ore futures
Source: SGX, KGI Research
SGX Baltic Panamax Time Charter Average Futures
We highlight the key price levels that each participants switches their positions between net long and net short based on 2024 data.
2024 | Financial Institution (FI) | Manage Money (MM) | Physicals | Others |
Net Long | NA | Above US$9,000/t | Below US$8,500/t | NA |
Net Short | NA | Below US$9,000/t | Above US$9,500/t | NA |
Net-position WoW Change | Remarks | |
FI | -0.11 | Reverse after two consecutive weeks of incline. |
MM | +1.03 | Rebound from last week’s decline. |
Physicals | -1.12 | Reverse from last week’s incline. |
Others | +0.20 | Increase for two consecutive weeks. |
Figure 5: Net-positions by participant segment and price comparison
Source: SGX, KGI Research
Long/Short Traders Snapshot
- Managed Money. The number of MM with long positions had remained stable at 21 since April 2025. On the other hand, the number of MM with short positions decreased marginally to 44. Seasonally, more MM are prone to long in 1H, and there are more MM with short positions in 2H.
2024 | 2023 | |||
Long | Short | Long | Short | |
High | 47 | 51 | 29 | 33 |
Low | 20 | 20 | 20 | 20 |
Figure 6: Number of position holders freight futures
Source: SGX, KGI Research
- Physicals. The number of physicals with long positions declined slightly to 147. Accordingly, the number of physicals with short positions rebounded for two consecutive weeks to 87. The number of physicals has been on a general upward trend since 2Q24, while physicals with short positions generally saw a downtrend since 2Q24.
2024 | 2023 | |||
Long | Short | Long | Short | |
High | 171 | 114 | 120 | 123 |
Low | 98 | 78 | 78 | 62 |
Figure 7: Number of position holders freight futures
Source: SGX, KGI Research
- Others. The number of others with long positions remained stable at 23.
2024 | 2023 | |||
Long | Short | Long | Short | |
High | 43 | 39 | 53 | 45 |
Low | 20 | 20 | 31 | 25 |
Figure 8: Number of position holders freight futures
Source: SGX, KGI Research
SGX SICOM Rubber Futures – TSR20
Net Long/Short and Price Comparison
We highlight the key price levels that each participants switches their positions between net long and net short based on 2024 data.
2024 | Financial Institution (FI) | Manage Money (MM) | Physicals | Others |
Net Long | Below US$1.90/kg | NA | NA | NA |
Net Short | Above US$1.60/kg | NA | NA | NA |
Net-position WoW Change | Remarks | |
FI | -0.20 | Decline for three consecutive weeks. |
MM | +2.15 | Increase for two consecutive weeks. |
Physicals | -2.07 | Reverse after four consecutive weeks of increase. |
Others | +0.12 | Increase for three consecutive weeks. |
Figure 9: Net-positions by participant segment and price comparison
Source: SGX, KGI Research
Long/Short Traders Snapshot
- Managed Money. The number of MM with long positions rebounded after declining for three consecutive weeks to 40. Accordingly, the number of MM with short positions declined after for four consecutive weeks of increase to 79.
2024 | 2023 | |||
Long | Short | Long | Short | |
High | 114 | 56 | 89 | 80 |
Low | 63 | 21 | 25 | 27 |
Figure 10: Number of position holders rubber futures
Source: SGX, KGI Research
- Physicals. The number of physicals with long positions declined for two consecutive weeks to 43. Accordingly, the number of physicals with short positions rose slightly to 30. Seasonally, more physicals are prone to long in early Q3, and there are more physicals with short positions in Q4.
2024 | 2023 | |||
Long | Short | Long | Short | |
High | 39 | 48 | 43 | 39 |
Low | 26 | 28 | 24 | 24 |
Figure 11: Number of position holders rubber futures
Source: SGX, KGI Research
- Others. The number of long holders increased to 53 after declining last week. On the other hand, the number of short holders remained stable at 36 after retreating two weeks ago.
2024 | 2023 | |||
Long | Short | Long | Short | |
High | 77 | 48 | 82 | 51 |
Low | 48 | 26 | 51 | 28 |
Figure 12: Number of position holders rubber futures
Source: SGX, KGI Research
Participant Category | Description |
Financial Institutions | An entity, such as a broker trading desk, bank trading desk or swap dealer, that uses the futures markets to manage or hedge the risk. |
Managed Money | An entity that is engaged in organized futures trading on behalf of funds or other special investment purpose vehicles such as Pension Funds, Asset Managers, Hedge Funds, Proprietary Trading Groups, Family Offices, etc. |
Physicals | An entity that predominantly engages in the physical markets and uses the futures markets to manage or hedge risks associated with the conduct of those activities. Such activities could include the production, processing, trading, packing or handling of a physical commodity, or the provision of transportation, warehousing or distribution services. |
Others | Every other trader that is not placed into one of the other three categories. E.g., Broker Agency, Bank Agency, Inter-Dealer Brokers, etc. |
