CoFIF traders took profit last week with near-term contracts gaining favour over
the longer dated contracts despite of the 25% jump in the SCFIS index last week.
The mood turned bullish again following the Red Sea disruptions over the
weekend, which sent all CoFIF contracts to their daily limit up on 18 Dec,
forcing a trading halt for the first time since CoFIF was launched in August.
Rates are expected to strengthen in the coming week until the Red Sea situation
is resolved.