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 | -35.87 | Decline for three consecutive weeks. |
| MM | +84.69 | Increase for three consecutive weeks. |
| Physicals | -20.90 | Decrease for three consecutive weeks. |
| Others | -4.31 | Decline 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 increase to 522 after previous week decline. Accordingly, the number of MM with short positions fell for two consecutive weeks to 148. 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 to 92 after declining for two consecutive weeks. Accordingly, the number of physicals with short positions increase to 147 after previous week’s decline. 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 97 after last week’s decline. The number of others with short positions rose consecutively for two weeks to 94.
| 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 | -0.47 | Decrease after previous week incline. |
| MM | -0.61 | Decrease after previous week incline. |
| Physicals | +0.70 | Increase after previous week‘s decline. |
| Others | +0.37 | 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 inched up to 54 after previous week decline. Accordingly, the number of MM with rose slightly to 21 after previous week decline. 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 increase to 112 after previous week decline. Accordingly, the number of physicals with short positions increase to 112 after previous week decline. 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 decrease to 21 after remaining unchanged for fourteen consecutive weeks and the number of others with short positions remain unchanged at 24 for six 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 | +0.12 | Increase for two consecutive weeks. |
| MM | +2.37 | Increase for six consecutive weeks. |
| Physicals | -3.20 | Decrease for three consecutive weeks. |
| Others | +0.71 | 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 fell for two consecutive weeks to 117. Accordingly, the number of MM with short positions decrease to 36 after increasing 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 decrease to 37 after remaining unchanged for two consecutive. Accordingly, the number of physicals with short positions decrease to 42 after increasing for two consecutive weeks. 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 three consecutive weeks to 58. Accordingly, the number of short holders increase to 48 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. |
