Singapore Exchange
SGX Petrochemical Derivatives
November 15, 2019
Deepa Aggarwal, Chief Representative
SGX India Office
Introduction to Singapore Exchange - SGX
1
Integrated Securities and Derivatives Exchange In Singapore
Listed on SGX Securities Market Main Board in 2000 (Stock Code: S68)
Operates South East Asia’s largest stock market with a market capitalisation of over S$1 trillion
Offers the most comprehensive range of Asian stock index, currencies and
commodities derivatives Regulated by the Monetary Authority of Singapore (MAS)
Recognized Clearing House in US and EU
US FBOT CFTC ESMA
Our Global Footprint
2
London
Tokyo
Mumbai
Singapore
Hong Kong Shanghai Beijing
SGX is headquartered in Singapore, with overseas offices in Beijing, Chicago, Hong Kong, London, Mumbai, Shanghai and Tokyo.
Chicago
Iron Ore & Steel
Iron Ore (CFR China) 62% Iron Ore (CFR China) 65% Iron Ore (CFR China) 58%
Lump Premium Hot-Rolled Coil Steel (CFR ASEAN)
Coal M42 Coal Futures (4200 GAR
Indonesian Thermal Coal) CFR Australia Premium Coking
Coal FOB
Oil, Gas & Petrochemicals
Fuel Oil 180cst, Fuel Oil 380cst Gasoil Naphtha
Aromatics: BZ, PX, SM MEG Polyolefin: LLDPE and PP
Dry Bulk Freight
Time Charter Averages (Capesize, Panamax, Supramax and
Handysize)
• Single Routes (C5, C7, 2A, 3A, 2E)
Rubber TSR 20 RSS 3
OTC Rubber
Electricity Electricity Futures
SGX Commodities Products
3
Introduction to Petchem Derivatives
4
SGX Petrochemical Derivatives
A financial instrument that allows traders to exchange (or swap) their floating price risk for a fixed price or vice-versa.
The swap price quoted/traded is the “fixed’ price while the Final Settlement Price (FSP) derived from the average of all daily or weekly spot prices is the “floating” price.
The daily or weekly spot prices are assessed and published by index providers such as Platts and ICIS.
The swap Daily Settlement Price (DSP) or Forward Curve is compiled and published by SGX.
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Fixed Price
Floating Price
SGX Petchemical Derivatives Products
Aromatics: Platts Paraxylene CFR China Platts Benzene FOB Korea Platts PX-Naphtha Spread Platts BZ-Naphtha Spread SM/MEG: ICIS Styrene Monomer CFR China ICIS Monoethylene Glycol CFR China Polyolefin: ICIS Polypropylene CFR China ICIS Linear Low Density Polyethylene (LLDPE) CFR China
6
SGX Aromatics, SM, MEG Swap & Futures
7
SGX Platts Paraxylene CFR Taiwan/China
SGX Platts Benzene FOB Korea
SGX ICIS Styrene Monomer CFR China
SGX ICIS MEG CFR China
Contract Symbol
Swap: PX Futures: PXF
Swap: BZ Futures: BZF
Swap: SMC Futures: SMCF
Swap: MEG Futures: MEGF
Contract Size (per lot)
Swap: 500 metric tons Futures: 100 metric tons
Minimum Tick
US$0.01 per MT
Contract Months
24 consecutive months
Block Threshold
Swap: None Futures: 5 lots
Trading & Clearing Hours (SGT)
T-Session: 7.25am to 8.00pm (All) T+1 Session: 8.00.01pm to 4.45am (Swaps & Block Futures)
T+1 Session: 8.15pm to 4.45am (Screen Futures) Last Trading Day: 7.25am to 8.00pm (All)
Final Settlement Price (FSP)
Arithmetic average of all Platts daily spot price assessments in the expiring month, rounded to 2 decimal places.
Arithmetic average of all Platts daily spot price assessments in the expiring month, rounded to 3 decimal places.
Arithmetic average of all the ICIS SM CFR China (Price Range For The Week) index assessments for the expiring Contract Month, rounded to 3 decimal places.
Arithmetic average of all the ICIS MEG CFR China
Main Ports index assessments for the
expiring Contract Month, rounded to 3 decimal
places.
SGX Aromatics Spreads
8
SGX PX-MOPJ Naphtha Spread SGX BZ-MOPJ Naphtha Spread
Contract Symbol Swap: PXN
Futures: PXNF Swap: BZN
Futures: BZNF
Contract Size (per lot) Swap: 500 metric tons
Futures: 100 metric tons
Minimum Tick US$0.01 per mt
Contract Months 24 consecutive months
Block Threshold Swap: None
Futures: 5 lots
Trading & Clearing Hours (SGT)
T-Session: 7.25am to 8.00pm (All) T+1 Session: 8.00.01pm to 4.45am (Swaps & Block Futures)
T+1 Session: 8.15pm to 4.45am (Screen Futures) Last Trading Day: 7.25am to 8.00pm (All)
Final Settlement Price (FSP)
Arithmetic difference between the FSPs of SGX Platts PX CFR Taiwan/China and the SGX Platts Naphtha CFR Japan in the contract month, rounded to 3 decimal places.
Arithmetic difference between the FSPs of Platts BZ FOB Korea and the SGX Platts Naphtha CFR Japan in the contract month, rounded to 3 decimal places.
SGX Polyolefin Swap & Futures
9
SGX ICIS LLDPE CFR China (All origin)
SGX ICIS PP Flat Yarn (Raffia) CFR China (All Origins)
Contract Symbol Swap: PEC
Futures: PECF Swap: PPC
Futures: PPCF
Contract Size (per lot)
Swap: 50 metric tons Futures: 10 metric tons
Minimum Tick US$0.01 per MT
Contract Months 12 consecutive months
Block Threshold Swap: None
Futures: 5 lots
Trading & Clearing Hours (SGT)
T-Session: 7.25am to 8.00pm (All) T+1 Session: 8.00.01pm to 4.45am (Swaps & Block Futures)
T+1 Session: 8.15pm to 4.45am (Screen Futures) Last Trading Day: 7.25am to 8.00pm (All)
Final Settlement Price (FSP)
Arithmetic average of all ICIS LLDPE film (All Origins) CFR China Index reference prices in the expiring Contract Month, rounded to two (2) decimal places.
Arithmetic average of all ICIS PP Flat Yarn (Raffia) (All Origins) CFR China Main Port Index reference prices in the expiring Contract Month, rounded to
two (2) decimal places.
Difference Between Swaps and Futures
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Swaps Futures
Contract Size • PX, BZ, SMC, MEG = 500 mt • PP and LLDPE = 50 mt • PX-Naphtha Spread = 500mt • BZ-Naphtha Spread = 500mt
• PXF, BZF, SMCF, MEGF = 100 mt • PP and LLDPE = 10 mt • PX-Naphtha Spread = 100mt • BZ-Naphtha Spread = 100mt
Trading Method OTC only • SGX electronic market^ • OTC via NLT (block futures)
Daily Settlement Price Same
Final Settlement Price Same
Rules SGX Derivatives Clearing Rules SGX Derivatives Trading Rules SGX Derivatives Clearing Rules
Broker Licensing Requirement
Not required at the moment Capital Market Services Licence required
Transacted Prices Information
Not published
On SGX NLT Page
^Currently petchem futures are not liquid enough to be traded on screen. Hence both swaps and futures are done OTC.
SGX Petrochemical Derivatives Volume
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0
100
200
300
400
500
600
700
800
900
1000
VO
LUM
E (
'00
0 M
T )
SGX PETCHEM VOLUME
BZ BZN MEG PEC PPC PX PXN SMC
SGX Petrochemical Derivatives Open Interest
12
0
200
400
600
800
1000
1200
1400
OP
EN IN
TER
EST
( '0
00
MT)
SGX PETCHEM OPEN INTEREST
BZ BZN MEG PEC PPC PX PXN SMC
Spot Price and Final Settlement Price
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Source: Platts
Date
Daily Spot Marker
02/10/2017 845 03/10/2017 843 04/10/2017 842.5 05/10/2017 849 06/10/2017 855 09/10/2017 848 10/10/2017 846 11/10/2017 844.33 12/10/2017 845 13/10/2017 850.33 16/10/2017 857.5 17/10/2017 856.17 19/10/2017 851.67 20/10/2017 852.67 23/10/2017 853.33 24/10/2017 852.33 25/10/2017 853.33 26/10/2017 849.33 27/10/2017 849.33 30/10/2017 857.33 31/10/2017 858.67
FSP for Oct 2017 Swaps
850.47
Marker 856.33 – 858.33 * 857.33
H1 Nov 851.00 – 853.00 852.00
H2 Nov 851.00 – 853.00 * 852.00
H1 Dec 859.00 – 861.00 * 860.00
H2 Dec 859.00 – 861.00 * 860.00
H1 Jan 866.00 – 868.00 867.00
Assessment for 30 October 2017: CFR Taiwan / China LC 30-45 days $/mt
Final Settlement Price of swap: Arithmetic average of all Platts daily spot price assessments in the expiring month, rounded to 2 decimal places.
Spot price is the price of the underlying commodities now
SGX ICIS MEG Swaps & Futures Final Settlement Price
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Date MEG CFR China Daily (low end)
MEG CFR China Daily (high end)
25 Sep 2017 864.00 892.00
26 Sep 2017 871.00 890.00
27 Sep 2017 875.00 896.00
28 Sep 2017 870.00 890.00
29 Sep 2017 884.00 890.00
Average of all daily low ends
872.80
Average of all daily high ends
891.60
Weekly Assessment 873 – 892 Rounded to the nearest whole number
Index Assessment for week ending 29 Sep 2017
882.50 Mid point of weekly assessment
Weekly index assessment by ICIS:
Date Weekly Index Assessments
01 Sep 2017 913.00
08 Sep 2017 966.00
15 Sep 2017 930.00
22 Sep 2017 917.00
29 Sep 2017 882.50
ICIS MEG MSP for Sep 2017 Swaps and Futures
921.700
ICIS Monthly Settlement Price (MSP):
Source: ICIS
FSP is the ICIS MEG MSP: Arithmetic average of all the weekly index assessments for the expiring Contract Month, rounded to 3 decimal places.
SGX ICIS SM Swaps & Futures Final Settlement Price
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Date SM CFR China Day Low
SM CFR China Day High
4 Sep 2017 1,460.00 1,480.00
5 Sep 2017 1,435.00 1,455.00
6 Sep 2017 1,405.00 1,420.00
7 Sep 2017 1,400.00 1,425.00
8 Sep 2017 1,405.00 1,425.00
Weekly Price Range 1,400.00 to 1,480.00
Index Assessment for week ending 8 Sep 2017
1,440.00 Mid-point of weekly price range
Weekly index assessment by ICIS:
Source: ICIS
Date Weekly Index Assessments
01 Sep 2017 1355.00
08 Sep 2017 1440.00
15 Sep 2017 1,357.50
22 Sep 2017 1,350.00
26 Sep 2017 1,295.00
ICIS SM MSP for Sep 2017 Swaps and Futures
1,359.500
ICIS Monthly Settlement Price (MSP):
FSP is the ICIS SM MSP: Arithmetic average of all the weekly index assessments for the expiring Contract Month, rounded to 3 decimal places.
Uses of Petchem Derivatives
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Possible Uses of SGX Petchem Derivatives
Convert a Floating Price Cargo into Fixed Price (Or Vice Versa) Buy or sell swap to establish a fixed price and let it cash settle against
monthly average of index Lock in Refining Margins
Eg: Buy Naphtha and sell PX Sell PX-Naphtha (PXN) spread contract Buy PX and sell PTA Buy BZ and sell SM
Calendar Spread
Buy one calendar month and sell another in anticipation of change in seasonal demand-supply situation
Arbitrage With Physical Market
Sell swap and buy physical to lock in temporary market mispricing
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Example #1: Using PX Swaps To Lock In a Fixed Price
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700
750
800
850
900
950
Platts PX CFR Taiwan/China
Platts PX CFR Taiwan/China as on 18 Dec 2017
Source: Platts
Where is the market heading? Up / Down/ Sideways?
Example #1:
On 18 Dec 2017 A PX importer contracted with a producer to buy 5kt per month of PX in Q1 2018 based on
monthly average of Platts PX CFR Taiwan/China.
Based on price chart, he believed that PX prices would continue its uptrend in Q1 2018 and decided to hedge his exposure.
He called his PX swap broker for a quote and bought 5kt of PX CFR China Q1 2018 swap at US$909 per MT
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Buy PX Swap to Establish a Fixed Price For Index Linked Cargoes
Swap Contract Month
(Q1 ‘18)
Swap Traded Price (US$/mt)
Swap Final Settlement Price = Physical Purchase
Price (US$/mt)
Profit or Loss of Swap Positions
(US$/mt)
Net Purchase Price for Physical
(US$/mt)
Jan ’18 909 964.79 +55.79 964.79 - 55.79 = 909
Feb ’18 909 969.52 +60.52 969.52 – 60.52 = 909
Mar ’18 909 955.63 +46.63 955.63 – 46.63 = 909
Example #1:
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Buy PX Swap to Establish a Fixed Price For Index Linked Cargoes
750
800
850
900
950
1000
4/1/2017 5/1/2017 6/1/2017 7/1/2017 8/1/2017 9/1/2017 10/1/2017 11/1/2017 12/1/2017 1/1/2018 2/1/2018 3/1/2018 4/1/2018
Platts PX CFR Taiwan/China
964.79
18 Dec ‘17 Decision to hedge at 909/mt
969.52
955.63
Source: Platts
Jan ‘18 Feb ‘18
Mar ‘18
Q1 ‘18 Average = 963.31
Example #2: Using MEG Swaps To Lock In Profit Margin
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ICIS MEG CFR China as on 4 May 2018
Source: ICIS
800.0
850.0
900.0
950.0
1000.0
1050.0
1100.0
ICIS MEG CFR China Where is the market heading? Up / Down/ Sideways?
Example #2:
On 4 May 2018 An MEG producer contracted with a polyester maker to sell 5kt per month of MEG in Q3
2018 based on monthly average of ICIS MEG CFR China. Based on price chart, he believed that MEG prices have peaked and would start to go
down in Q3 2018 and decided to lock in his profit margin. He called his MEG swap broker for a quote and sold 5kt of MEG CFR China Q3 2018 swap
at US$980 per MT.
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Sell MEG Swap to lock in profit margin
Swap Contract Month
(Q3 ‘18)
Swap Traded Price (US$/mt)
Swap Final Settlement Price =
Physical Selling Price (US$/mt)
Profit or Loss of Swap Positions
(US$/mt)
Net Selling Price for Physical
(US$/mt)
Jul ’18 980 902.63 +77.37 902.63 + 77.37 = 980
Aug ’18 980 932.50 +47.50 932.50 + 47.50 = 980
Sep ’18 980 913.75 +66.25 913.75 + 66.25 = 980
Example #2:
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Sell MEG Swap to lock in profit margin
Source: ICIS
800.0
850.0
900.0
950.0
1000.0
1050.0
1100.0
ICIS MEG CFR China
4 May ‘18 Decision to hedge at 980/mt
Jul ’18: 902.63
Aug ’18: 932.50 Sep ’18:
913.75
Q3 ‘18 Average = 916.29
Example #3: Benefits For Trading and Clearing SGX Aromatics Spreads
Conveniently trade and hedge refining margin of Naphtha to downstream PX and BZ with a single transaction
Efficiently execute PX-Naphtha and BZ-Naphtha spreads as price differentials without legging risks
Significant margin savings for clearing PX-Naphtha and BZ-Naphtha on SGX as compared to clearing as individual legs in 2 different clearing houses
Flexibility to trade in small contract sizes
Up to 24 contract months for trading and hedging
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Significant Margin Savings For Clearing SGX Aromatics Spread
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Initial Margin Required (US$)
Sell 1,000mt of Apr ‘19 PX CFR Taiwan/China Futures (on SGX)
23,100 x 2 lots = 46,200
Buy 1,000mt of Apr ’19 Naphtha MOPJ Futures (on another clearing house)
38,500
Total Margin Required (For clearing in 2 different clearing houses)
46,200 + 38,500 = 84,700
Clear PX and Naphtha at 2 different clearing houses:
Initial Margin Required (US$)
Sell 1,000mt of Apr ‘19 SGX PX-Naphtha Spread (PXN)
25,300 x 2 lots = 50,600
Clear PX-Naphtha Spread (PXN) on SGX:
Margin Saving of US$34,100 (40% lower)
PX
In 2 clearing houses
As a spread on SGX
PXN
40% margin savings
Margin requirement as of 1 Apr 2019
Nap
Example #3:
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
(US$)
PX
Nap PXN
Clearing and Its Benefits
26
What is Clearing?
27
Various parties trade with each other and register their trades with a Clearing House.
The Clearing House acts as Central Counterparty, eliminating counterparty risk
Various parties trade directly with each other Counterparty risk builds up as direct multilateral
transactions between parties get complicated
Uncleared OTC Trades Cleared OTC Trades
Clearing and Its Benefits
28
Reduced Counterparty Risks
Automatic Netting of Long and Short Positions
Single Clearing Arrangement to Trade and Clear with Multiple Counterparties
Better Risk Management Though Daily Mark-to-Market Using a Neutral Daily Forward Curve
No Accumulation of Large Losing Positions Through Margining System
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Trade Flow & Registration
SGX
Clearing
Member B
Position Limits Margin Limits
Price Band
Trader A IDB (Inter-Dealer Broker) Trader B
SGX
Clearing
Member A
1. Customers must first have clearing accounts with SGX Clearing Members. Trade registration accounts must then be created, authorised (for products and IDBs), and assigned position and margin limits in SGX Titan OTC.
2. Inter-Dealer Brokers (IDBs) can then broker transactions between customers.
3. When successfully matched, IDBs or Clearing Members themselves enter the trade into SGX Titan OTC system.
4. Trades that pass respective limit checks will be accepted and novated to SGX.
5. Positions are then cleared – marked-to-market and margined based on the daily settlement prices. Clearing Members will liaise with customers to provide statements and to ensure accounts are sufficiently funded.
6. On the last trading day, open positions are cash-settled based on the underlying spot price.
SGX TITAN OTC
SGX Derivatives Clearing (Clearing House)
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SGX Clearing Members For Commodities
1. ABN AMRO Clearing Bank NV
2. Barclays Capital Futures (S) Pte Ltd
3. BNP Paribas Securities (S) Pte Ltd
4. CGS-CIMB Securities (S) Pte Ltd
5. Citigroup Global Markets Securities (S) Pte Ltd
6. Credit Suisse Securities (S) Pte Limited
7. DBS Vickers Securities (Singapore) Pte Ltd
8. Deutsche Bank AG
9. Goldman Sachs Futures Pte Ltd
10. JP Morgan Securities Singapore Pte Ltd
11. KGI Futures (Singapore) Pte Ltd
12. Macquarie Futures (Singapore) Pte. Limited.
13. Merrill Lynch (Singapore) Pte Ltd
14. Mizuho Securities (Singapore) Pte Ltd
15. Morgan Stanley Asia (S) Securities Pte Ltd
16. Nomura Securities Singapore Pte Ltd
17. OCBC Securities Pte Ltd
18. Phillip Futures Pte Ltd
19. SG Securities (S) Pte. Ltd.
20. The Hongkong and Shanghai Bank Corp Ltd
21. UBS Futures Singapore Limited
Margin Requirements
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SGX Margining System
Initial Margin Amount of funds required in an account before initiating a new trade This is set at 1.1x of Maintenance Margins Maintenance Margin Minimum amount of funds required to be in an account after the daily
mark-to-market of open positions Daily Mark-to-Market The daily revaluation of an open position to the daily settlement price Unrealised profits & losses are adjusted in the trader’s account
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SGX Margin Schedule (As of 1 Oct 2019)
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Contract Code
Contract Name
Tier Contract Month (From)
Contract Month (To)
Maint. Margin (USD)
Initial Margin (USD)
BZ SGX Platts BZ FOB Korea Swap 1 201909 201910 21,000 23,100 2 201911 202108 21,000 23,100
BZN SGX BZ-Naphtha Spread Swap 1 201909 201910 16,000 17,600 2 201911 202108 16,000 17,600
PX SGX Platts PX CFR Taiwan/China Swap 1 201909 201910 17,000 18,700 2 201911 202108 18,000 19,800
PXN SGX PX-Naphtha Spread Swap 1 201909 201910 22,000 24,200 2 201911 202108 22,000 24,200
MEG SGX ICIS MEG CFR China Swap 1 201909 201910 16,000 17,600 2 201911 202108 16,000 17,600
SMC SGX ICIS SM CFR China Swap 1 201909 201910 27,000 29,700 2 201911 202108 27,000 29,700
PEC SGX ICIS LLDPE CFR China Swap 1 201909 201910 2,000 2,200 2 201911 202008 2,000 2,200
PPC SGX ICIS PP Flat Yarn (Raffia) CFR China Swap
1 201909 201910 2,600 2,860 2 201911 202008 2,300 2,530
NJ SGX Naphtha Swap CFR Japan 1 201909 201910 37,000 40,700 2 201911 202108 39,000 42,900
For more details on the margin schedule, please click here
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Example Of Margin Calculation
Initial Margin US$23,100
Maintenance Margin US$21,000
Margin call +US$3,600
US$27,000
US$23,500
US$19,500
Day 1 Day 2 Day 3
Settlement Price (DSP) US$1084 (↑US$4) US$1077 (↓US$7) US$1069 (↓US$8)
Unrealized gains/losses (1084 – 1080) x 500 = US$2,000
(1077 – 1084) x 500 = - US$3,500
(1069 – 1077) x 500 = - US$4,000
Account Balance US$25,000 + US$2,000 = US$27,000 *No margin call as balance is above US$21,000 maintenance margin
US$27,000 – US$3,500 = US$23,500 *No margin call as balance is above US$21,000 maintenance margin
US$23,500 – US$4,000 = US$19,500 *Margin call is received as balance is below US$21,000 maintenance margin Top-up amount = US$3,600
On 1 March 2019 • Assuming that 1 lot of Apr 2019 PX Swap
(500mt) is bought @ US$1080 per MT Initial and Maintenance Margin are
US$23,100 and US$21,000 respectively Trader deposit US$25,000 to start trading Account Opening
Deposit US$25,000
Top
up
SGX Petchem Trading Stats and Updates
35
SGX Petrochemical Derivatives Daily Settlement Price
Available at sgx.com
Bloomberg and Thomson Reuters
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Product Bloomberg Reuters
SGX Platts PX CFR China Futures PFRA COMB Comdty SPCF
SGX Platts BZ FOB Korea Futures ZZBA COMB Comdty SBZF
SGX Platts PX-Naphtha Spread Futures PXIA COMB Comdty SPXN
SGX Platts BZ-Naphtha Spread Futures BNRA COMB Comdty SBZN
SGX ICIS SM CFR China Futures IMCA COMB Comdty SSMCF
SGX ICIS MEG CFR Futures MEIA COMB Comdty SMEGF
SGX ICIS LLDPE CFR China Futures PECA COMB Comdty SPECF
SGX ICIS PP Flat Yarn (Raffia) CFR China Futures PCCA COMB Comdty SPPCF
SGX Petrochemical Forward Curve
37
Trading stats for trade date 20 Jun 2018
38
SGX Weekly Petchem Watch
Please contact us if you wish to be on our distribution list.
39
Contact
Deepa Aggarwal Vice President, Global Sales & Origination Tel: +91 98203 44454 Email: [email protected]
William Prajogo Associate Director, Commodities Tel: +65 6236 8743 Mobile: +65 9833 5001 Email: [email protected] Wechat: wpsgx1
sgx.com
Thank you
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