Prices, turnover, and open interests across all forward Asia-North Europe CoFIF
contracts fell last week, with the market still in steep backwardation as both
spot and near-term contracts are priced higher than the longer dated contracts.
The speculative activities have cooled in the CoFIF market as average turnover
dropped by 38% WoW to reach a level lower than the open interests for the first
time since CoFIF was launched in August 2023. In comparison, the futures’
turnovers in CME are usually