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 | +12.27 | Increase for three consecutive weeks. |
| MM | -9.86 | Reverse from seven consecutive weeks of incline. |
| Physicals | +6.87 | Rebound after two consecutive weeks of incline. |
| Others | -9.28 | Decrease for eight 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 rose for three consecutive weeks to 502. Accordingly, the number of MM with short positions decrease for three consecutive weeks to 162. 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 rose for two consecutive weeks to 101. Accordingly, the number of physicals with short positions increase for two consecutive weeks to 144. 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 for two consecutive weeks to 96. The number of others with short positions reversed to 90 after previous weeks incline.
| 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 | -0.24 | Decrease for two consecutive weeks. |
| MM | -0.17 | Reverse from previous weeks incline. |
| Physicals | +0.55 | Rebound from previous weeks decline. |
| Others | -0.15 | Reverse from previous weeks 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 rose to 56 after previous weeks decline. Accordingly, the number of MM with short positions fell to 21 from two consecutive weeks of incline. 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 rose for two consecutive weeks to 117. Accordingly, the number of physicals with short positions rose for two consecutive weeks to 112. 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 twelve consecutive weeks at 22 and the number of others with short positions remain unchanged at 24 for three 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 | -0.53 | Decrease for four consecutive weeks. |
| MM | +1.78 | Increase for three consecutive weeks. |
| Physicals | +0.50 | Increase for two consecutive weeks. |
| Others | -1.76 | 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 reversed to 114 from two consecutive weeks of incline. Accordingly, the number of MM with short positions fell to 32 after two consecutive weeks of incline.
| 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 remain fell to 37 after remaining unchanged for two consecutive weeks at 40. Accordingly, the number of physicals with short positions fell to 40 after remaining unchanged at 41 for three 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 fell to 49 after remaining unchanged at 52 for three consecutive weeks. Accordingly, the number of short holders increase for three consecutive weeks to 33.
| 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. |
