SGX Group Reports Market Statistics For November 2023

2 months ago 87
  • Commodity Derivatives achieves new record volume, SGX FX sets new daily average volume record
  • REITs mark most active daily turnover since March 2023

Singapore Exchange (SGX Group) today released its market statistics for November 2023. Record commodity derivatives volume and higher FX futures volume drove the Group’s overall derivatives volume, while expectations of a rate cut by US Federal Reserve drove investors’ reallocation into REITs.

Total derivatives traded volume rose 8% month-on-month (m-o-m) to 22.4 million contracts. SGX FX, Asia’s most liquid FX futures exchange that also boasts a robust over-the-counter (OTC) FX marketplace, saw FX futures traded volume in November up 25% m-o-m to over 4 million contracts.

SGX USD/CNH Futures, the most widely traded international RMB futures contract globally, saw volume rise 33% year-on-year (y-o-y) to 2.7 million contracts on the appreciation of the RMB, as exporters typically execute FX conversions towards the end of the year. SGX INR/USD Futures, also one of the top 10 traded listed FX futures globally, saw traded volume grow 13% m-o-m to 1.1 million contracts.

During the month, SGX FX’s average daily volume from its listed futures and OTC offerings achieved a new record of US$160 billion on 30 November, a significant increase from the preceding months.   

Record volume for commodity derivatives

Commodity derivatives volume jumped 48% y-o-y in November to 5.4 million contracts, a new record high, with increasing participation in commodity products that provide exposure to Asia and global trade.

SGX Commodities’ flagship iron ore derivatives suite recorded its second highest monthly volume ever, driven by higher risk management activity amid rising iron ore prices from China’s robust demand, as well as growing financial participation as iron ore continues to gain importance and recognition as a proxy to China’s economic growth.   

Heightened volatility from a surge in capesize and panamax vessel freight rates prompted active hedging, with SGX Commodities' FFA derivatives volume achieving a new single-day record during the month and a new monthly record of 294,074 contracts, an 89% y-o-y jump.

Increased uncertainty from supply tightness due to bad weather and subsequent demand disappointment saw huge swings in rubber prices during the month. The volume of SGX SICOM rubber futures, the world’s pricing bellwether for natural rubber, inc...

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