Betting that the Dec 1 GRI may stick and on the hints of the positive SCFI print
the Friday before (i.e. 24 Nov) , the CoFIF contracts rallied on strong volume
last week. The April and June CoFIF contracts were up 12-19% WoW while the
average daily turnover surpassed $1bn last week. The general sentiments among
the CoFIF traders: the freight rates already discounted bearish fundamentals
while the year end cargo rush and the liners’ incentive to create better
sentiment for the annual contracts be