CoFIF prices moved up on each of the 4 trading days last week before the Chinese
New Year holidays before the market closed for its extended holiday on 9 Feb to
18 Feb. Traders were reluctant to hold on to their positions during extended
market closure given the steep backwardation in the CoFIF market with forward
prices still trading at a discount of up to 60% lower than current SCFIS prices.
The Asia-North Europe April contracts (EC2404) closed at 2,108 compared to the
most recent SCFIS level