Following the SCFIS’s 8% WoW correction on 20 November, the Asia-North Europe
CoFIF forward rates endured consistent selling pressure through last week on
relatively thin volume. Open Interests edged up as turnover-to-open interest
ratio fell to just 1.2-1.3, a level suggesting the trading volume may be able to
sustain at over $650mn a day. Trading in the week ahead remains hazy with the
SCFIS dropping a further 4.4% on 27 November while the SCFI rebounded 10.2% last
Friday on December GRI hopes