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 | -3.04 | Decline for two consecutive weeks. |
| MM | +25.68 | Increase for two consecutive weeks. |
| Physicals | -20.90 | Decrease for two consecutive weeks. |
| Others | -1.74 | Resume downward trend from reversal last week. |
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 slightly to 498. Accordingly, the number of MM with short positions fell to 157 after increasing last week. 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 slightly fell for two consecutive weeks to 89. Accordingly, the number of physicals with short positions reversed from three consecutive weeks of incline, declining to 145. 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 fell after three consecutive weeks of incline to 89. The number of others with short positions rose slightly to 91.
| 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 | +0.36 | Reverse from three consecutive weeks of incline. |
| MM | +1.42 | Rebound from two consecutive weeks of decline. |
| Physicals | -2.02 | Decline after two consecutive weeks of incline. |
| Others | +0.24 | Incline after two consecutive weeks of 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 fell slightly to 53. Accordingly, the number of MM with fell slightly to 20. 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 reversed from the previous three consecutive weeks of incline to 111. Accordingly, the number of physicals with short positions fell after three consecutive weeks of increase to 108. 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 for fourteen consecutive weeks at 22 and the number of others with short positions remain unchanged at 24 for five 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 | +0.94 | Reversed from five weeks of decline. |
| MM | +0.09 | Increase for five consecutive weeks. |
| Physicals | -4.33 | Decrease for two consecutive weeks. |
| Others | +3.30 | Increase 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 fell to 118 after previous week’s incline. Accordingly, the number of MM with short positions increase for two consecutive weeks to 38.
| 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 remained unchanged for two consecutive weeks at 38. Accordingly, the number of physicals with short positions increase for two consecutive weeks to 46. 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 rose for two consecutive weeks to 55. Accordingly, the number of short holders reversed from four consecutive weeks of incline to 40.
| 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. |
