EC staged a surprise rally yesterday (15 July), with EC contracts surging 5–16%. This move allowed them to catch up with the strength seen in the spot market, where liners have been increasing freight rates, albeit at a slower pace than initially planned. Both EC2510 and EC2512 contracts reached their daily upper trading limit yesterday, although they retraced some of their gains today (16 July).
The rally was primarily driven by a wave of fresh buying interest. Open interest rose sharply to 86