Continued spot rate weakness and renewed Gaza ceasefire talks brought the longer
dated EC futures contracts down to their daily limit on 19 August. EC2408
contracts held up with the SCFIS falling by less than expected, down by 2.3% WoW
after market close.
EC2410 also largely held its ground as the October contracts are already trading
at a 48% discount to current spot rates. The latest EC2410 closing price has
built in weekly drops of 7% each week over the next 2 months against the SCFIS’
1-2%