CoFIF’s April contracts (EC2404) soared to a new high on 27 December but
retreated on the last 2 trading days of the year to close at to 1,643 as the
traders unwinded some of their pairs (long EC2404 and short EC2412). Market
conviction weakened with Open Interest balance dropping through the week to end
down by 50% WoW, with Maersk’s decision to resume Suez transits earlier last
week dragging down the forward expectations.
The latest SCFIS assessment on 1 January for the Asia-North Europe rout