Shanghai’s freight futures market drifted aimlessly on Friday, with traders caught between hopes for a rebound in shipping rates and a conspicuous lack of resolve among major liners. The indecision was plain to see. The Tianjin Shipping Index for Europe, a daily benchmark, fell 2.6% to $1,492 for a 20-foot container and $2,404 for a 40-foot box.
With Chinese markets set to close on Monday for a public holiday, traders pared positions, sending open interest down 8% to fewer than 87,000 lots—the