CoFIF contracts surged in the first 2 trading days of 2024 and traded limit up
to their maximum daily caps before softening in the next 3 trading days as the
market awaits further signals from the SCFIS. Traders continue to prefer longer
dated contracts, indicating a growing consensus that the Red Sea diversion may
drag on. Open interest fell for the 2nd week in a row to just half of the peak
on 22 December.
This week’s trading will be driven by the latest SCFIS assessment on 8 January
for the