Shanghai–North Europe freight futures surged on 12 May with all contracts hitting their daily upper limit after the Sino-US trade deal was announced. Trading was brisk as volumes reached 158,000 contracts, almost double the average of the previous four days as both short covering and fresh buying lifted open interest to 104,000 contracts, up 19% from a week ago.
The SCFIS fell a further 5.5% after market closed on 12 May, marking its 4th consecutive weekly drop but the forward curve is now pric