We highlight the key price levels at which each participant switches between net long and net short, based on 2025 data.
| PARTICIPANT | NET LONG | NET SHORT |
|---|---|---|
| Financial Institution (FI) | Below US$108/mt | N/A |
| Managed Money (MM) | Above US$101/mt | Below US$101/mt |
| Physicals | Below US$100/mt | Above US$101/mt |
| Others | N/A | Below US$108/mt |
Figure 1: Net-positions by participant segment and price comparison | Source: SGX, KGI Research
The number of MM with long positions fell for two consecutive weeks to 486. Accordingly, the number f MM with short positions fell to 155 after increasing for two consecutive weeks. Seasonally, more MMs are prone to long in 1HQ4 and 2HQ2, and there are more MMs with short positions in 1HQ2 and 1HQ3.
Figure 2: Number of position holders iron ore | Source: SGX, KGI Research
The number of physicals with long positions increased for four consecutive weeks to 96. Accordingly, the number of physicals with short positions fell for two consecutive weeks to 117. Seasonally, more physicals are prone to being long in Q1, and there are more physicals with short positions in Q4.
Figure 3: Number of position holders iron ore | Source: SGX, KGI Research
The number of others with long positions fell to 101 after last week’s increase. The number of others with short positions decreased for two consecutive weeks to 68.
Figure 4: Number of position holders iron ore | Source: SGX, KGI Research
We highlight the key price levels at which each participant switches between net long and net short, based on 2025 data.
| PARTICIPANT | NET LONG | NET SHORT |
|---|---|---|
| Financial Institution (FI) | N/A | N/A |
| Managed Money (MM) | Above US$7,000/day | Below US$11,000/day |
| Physicals | Below US$11,000/day | Above US$7,000/day |
| Others | Below US$11,000/day | Above US$7,000/day |
Figure 5: Net-positions by participant segment and price comparison | Source: SGX, KGI Research
The number of MM with long positions decreased for two consecutive weeks to 53. Accordingly, the number of MM with short positions remained unchanged at 23 for two consecutive weeks. Seasonally, more MMs are prone to long in 1H, and there are more MMs with short positions in 2H.
Figure 6: Number of position holders freight futures | Source: SGX, KGI Research
The number of physicals with long positions increased to 114 after previous week’s decline. Accordingly, the number of physicals with short positions fell for two consecutive weeks to 109. The number of physicals has been on a general upward trend since 2Q24, while physicals with short positions generally saw a downtrend since 2Q24.
Figure 7: Number of position holders freight futures | Source: SGX, KGI Research
The number of others with long positions fell to 20 after consolidating for two consecutive weeks. The number of others with short positions remained unchanged at 21.
Figure 8: Number of position holders freight futures | Source: SGX, KGI Research
We highlight the key price levels at which each participant switches between net long and net short, based on 2025 data.
| PARTICPANT | NET LONG | NET SHORT |
|---|---|---|
| Financial Institution (FI) | Below US$2.05/kg | N/A |
| Managed Money (MM) | Above US$1.70/kg | Below US$1.70/kg |
| Physicals | Below US$1.65/kg | Above US$1.65/kg |
| Others | Below US$2.05/kg | N/A |
Figure 9: Net-positions by participant segment and price comparison | Source: SGX, KGI Research
The number of MM with long positions remained unchanged at 124 after rising for the last two weeks. Accordingly, the number of MM with short positions increased for two consecutive weeks to 38.
Figure 10: Number of position holders rubber futures | Source: SGX, KGI Research
The number of physicals with long positions remained unchanged at 34 after previous week’s incline. Accordingly, the number of physicals with short positions increased for three consecutive weeks to 49. Seasonally, more physicals are prone to long in early Q3, and there are more physicals with short positions in Q4.
Figure 11: Number of position holders rubber futures | Source: SGX, KGI Research
The number of long holders remained unchanged at 59 after previous week’s decline. Accordingly, the number of short holders fell to 41 after previous week’s incline.
Figure 12: Number of position holders rubber futures | Source: SGX, KGI Research
Source: SGX, KGI Research
| 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 engaged in organised futures trading on behalf of funds or special investment vehicles — including pension funds, asset managers, hedge funds, proprietary trading groups and family offices. |
| Physicals | An entity that predominantly engages in the physical markets and uses futures to manage or hedge risks associated with production, processing, trading, packing, handling, transportation, warehousing or distribution of a physical commodity. |
| Others | Every other trader not placed into the other three categories. E.g., Broker Agency, Bank Agency, Inter-Dealer Brokers, etc. |
