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 | -10.45 | Decline for four consecutive weeks. |
| MM | +27.68 | Increase for four consecutive weeks. |
| Physicals | -11.52 | Decrease for four consecutive weeks. |
| Others | -5.71 | Decline for three 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 for two consecutive weeks to 530. Accordingly, the number of MM with short positions increase to 156 after falling 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.
| 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 for two consecutive weeks to 92. Accordingly, the number of physicals with short positions increase for two consecutive week as well to 152. 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 remain unchanged at 97 after last week’s increase. The number of others with short positions rose consecutively for three weeks to 102.
| 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 | +0.34 | Increase after previous week decline. |
| MM | +0.02 | Increase slightly after previous week decline. |
| Physicals | -0.03 | Decrease slightly after previous week‘s incline. |
| Others | -0.32 | Decrease after increasing 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 increase for two consecutive weeks to 56. Accordingly, the number of MM with increase for two consecutive weeks to 23. 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 for two consecutive weeks to 115. Accordingly, the number of physicals with short positions increase for two consecutive weeks to 117. 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 at 21 after previous week decline and the number of others with short positions remain unchanged at 24 for seven 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 | +0.62 | Increase for three consecutive weeks. |
| MM | -0.84 | Decrease after increasing for six consecutive weeks. |
| Physicals | +2.63 | Increase after decreasing for three consecutive weeks. |
| Others | -2.40 | Decrease after increasing 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 increase to 122 after declining for two consecutive weeks. Accordingly, the number of MM with short positions decrease for two consecutive weeks to 32.
| 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 for two consecutive weeks to 33. Accordingly, the number of physicals with short positions increase to 45 after previous week decline. 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 four consecutive weeks to 60. Accordingly, the number of short holders decrease to 43 after previous week incline.
| 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. |
