8 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 & 2025 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 |
1H25 | 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 | -8.89 | Reverse from five consecutive weeks of incline. |
MM | -32.26 | Decrease for three consecutive weeks. |
Physicals | +35.93 | Increase for three consecutive weeks. |
Others | +5.22 | Rebound for two 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 rebounded marginally to 244 after declining for five consecutive weeks. Accordingly, the number of MM with short positions rose for six consecutive weeks to 350, 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 three consecutive weeks to 122, representing a high since April 2025. Accordingly, the number of physicals with short positions increased for three consecutive weeks to 145, continuing on an upwards trend. 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 retreated to 96 after rising for six consecutive weeks, falling from a high since December 2024. The number of others with short positions retreated to 104 after rising for two consecutive weeks.
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 & 2025 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 |
1H25 | Financial Institution (FI) | Manage Money (MM) | Physicals | Others |
Net Long | NA | NA | Below US$11,000/mt | Below US$11,000/mt |
Net Short | NA | Below US$11,000/mt | NA | NA |
Net-position WoW Change | Remarks | |
FI | -0.76 | Decline for two consecutive weeks. |
MM | +2.75 | Increase for two consecutive weeks. |
Physicals | -1.48 | Decline for two consecutive weeks. |
Others | -0.52 | Reverse from two consecutive weeks of incline. |
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 fell marginally to 20. On the other hand, the number of MM with short positions remained stable at 44 after decreasing marginally a week ago. 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 remained stable at 147 after declining a week ago. Accordingly, the number of physicals with short positions rose for three consecutive weeks to 93, representing a high since February 2025. 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 in June.
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 & 2025 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 |
1H25 | 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 | -0.27 | Decline for four consecutive weeks. |
MM | +0.97 | Increase for three consecutive weeks. |
Physicals | -0.69 | Decline for two consecutive weeks. |
Others | -0.01 | Reverse from three consecutive weeks of incline. |
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 rose for two consecutive weeks to 47. Accordingly, the number of MM with short positions declined for two consecutive weeks to 76.
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 three consecutive weeks to 40. Accordingly, the number of physicals with short positions rose for two consecutive weeks to 34. 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 declined marginally to 52 after increasing a week ago. On the other hand, the number of short holders declined to 32.
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. |
