SGX IO Futures rose USD 6.75/ton, closing at USD 104.15/ton, driven by strong Chinese economic data and bullish sentiment.
SGX IO Futures Feb contract trades 19.4% below its last 5-year average (USD 128.93/ton).
SGX IO futures typically rise before CNY, tapering off 10 days after. Exceptions include 2024's pre and post CNY decline and extended rallies in 2021 & 2022 before sharp drops.