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 2025 data.
| 2025 | Financial Institution (FI) | Manage Money (MM) | Physicals | Others |
| Net Long | Below US$108/mt | Above US$101/mt | Below US$100/mt | NA |
| Net Short | NA | Below US$101/mt | Above US$101/mt | Below US$108/mt |
| Net-position WoW Change | Remarks | |
| FI | +13.00 | Increase after declining for four consecutive weeks. |
| MM | -34.44 | Decrease after increasing for four consecutive weeks. |
| Physicals | +16.32 | Increase after decreasing for four consecutive weeks. |
| Others | +5.12 | Increase after declining for three consecutive weeks. |
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 fell to 516 after increasing for two consecutive weeks. Accordingly, the number of MM with short positions increase for two consecutive weeks to 168. Seasonally, more MMs are prone to long in 1HQ4 and 2HQ2, and there are more MMs with short positions in 1HQ2 and 1HQ3.
| 2025 | 2024 | |||
| Long | Short | Long | Short | |
| High | 483 | 350 | 423 | 427 |
| Low | 219 | 121 | 176 | 131 |
Figure 2: Number of position holders iron ore futures
Source: SGX, KGI Research
- Physicals. The number of physicals with long positions increase for three consecutive weeks to 94. Accordingly, the number of physicals with short positions fell to 149 after increasing for two consecutive weeks. Seasonally, more physicals are prone to being long in 1Q, and there are more physicals with short positions in Q4.
| 2025 | 2024 | |||
| Long | Short | Long | Short | |
| High | 131 | 163 | 135 | 145 |
| Low | 90 | 128 | 77 | 107 |
Figure 3: Number of position holders iron ore futures
Source: SGX, KGI Research
- Others. The number of others with long positions increase to 104 after last week’s consolidation. The number of others with short positions decrease to 90 after rising consecutively for three weeks.
| 2025 | 2024 | |||
| Long | Short | Long | Short | |
| High | 112 | 119 | 131 | 131 |
| Low | 70 | 73 | 68 | 83 |
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 2025 data.
| 2025 | Financial Institution (FI) | Manage Money (MM) | Physicals | Others |
| Net Long | NA | Above US$7,000/t | Below US$11,000/mt | Below US$11,000/mt |
| Net Short | NA | Below US$11,000/mt | Above US$7,000/t | Above US$7,000/t |
| Net-position WoW Change | Remarks | |
| FI | +0.08 | Increase for two consecutive weeks. |
| MM | -1.10 | Decrease after previous week incline. |
| Physicals | +0.92 | Increase after previous week’s decline. |
| Others | +0.10 | Increase slightly after previous week’s decline. |
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 decrease to 55 after increasing for two consecutive weeks. Accordingly, the number of MM with remain unchanged at 23. Seasonally, more MM are prone to long in 1H, and there are more MM with short positions in 2H.
| 2025 | 2024 | |||
| Long | Short | Long | Short | |
| High | 48 | 50 | 47 | 51 |
| 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 decrease to 111 after increasing for two consecutive weeks. Accordingly, the number of physicals with short positions fell to 114 after increasing for two consecutive weeks. The number of physicals has been on a general upward trend since 2Q24, while physicals with short positions generally saw a downtrend since 2Q24.
| 2025 | 2024 | |||
| Long | Short | Long | Short | |
| High | 165 | 133 | 171 | 114 |
| Low | 103 | 76 | 98 | 78 |
Figure 7: Number of position holders freight futures
Source: SGX, KGI Research
- Others. The number of others with long positions remain unchanged at 21 for two consecutive weeks and the number of others with short positions fell to 21 after stabilising for seven consecutive weeks.
| 2024 | 2023 | |||
| Long | Short | Long | Short | |
| High | 26 | 28 | 43 | 39 |
| Low | 20 | 20 | 20 | 20 |
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 switch their positions between net long and net short based on 2025 data.
| 2025 | Financial Institution (FI) | Manage Money (MM) | Physicals | Others |
| Net Long | Below US$2.05/kg | Above US$1.70/kg | Below US$1.65/kg | Below US$2.05/kg |
| Net Short | NA | Below US$1.70/kg | Above US$1.65/kg | NA |
| Net-position WoW Change | Remarks | |
| FI | +0.96 | Increase for four consecutive weeks. |
| MM | -1.41 | Decrease for two consecutive weeks. |
| Physicals | +0.94 | Increase for two consecutive weeks. |
| Others | -0.50 | Decrease for two 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 increase for two consecutive weeks to 124. Accordingly, the number of MM with short positions to increase to 35 after decreasing for two consecutive weeks.
| 2025 | 2024 | |||
| Long | Short | Long | Short | |
| High | 106 | 91 | 114 | 56 |
| Low | 38 | 26 | 63 | 21 |
Figure 10: Number of position holders rubber futures
Source: SGX, KGI Research
- Physicals. The number of physicals with long positions rise to 34 after decreasing for two consecutive weeks. Accordingly, the number of physicals with short positions increase for two consecutive weeks to 48. Seasonally, more physicals are prone to long in early Q3, and there are more physicals with short positions in Q4.
| 2025 | 2024 | |||
| Long | Short | Long | Short | |
| High | 50 | 41 | 39 | 48 |
| Low | 31 | 23 | 26 | 28 |
Figure 11: Number of position holders rubber futures
Source: SGX, KGI Research
- Others. The number of long holders decrease to 59 after rising for four consecutive weeks. Accordingly, the number of short holders rise to 46 after previous week decline.
| 2025 | 2024 | |||
| Long | Short | Long | Short | |
| High | 62 | 42 | 77 | 48 |
| Low | 41 | 27 | 48 | 26 |
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. |
