March 2025

ICE Futures Singapore Monthly Report

TRADDICTIV® tradewithufos.com

MACRO COMMENTARY

The MINI U.S. DOLLAR INDEX® FUTURES (SDX) extended its downward trajectory in March after reaching a monthly high of 107.24 to close at 103.92 with a loss of 3.09%, the worst monthly performance since November 2022. The decline reflected a broader cooling in demand for the U.S. Dollar, driven by growing market unease over the potential economic fallout from proposed tariffs and their effects on domestic and global economic activity, which could potentially stoke inflationary pressures.

  • Nonfarm Payrolls (NFP) for February fell short of market expectations with an increase of 151,000 new jobs compared to the anticipated 160,000 and up from January’s downwardly revised total of 125,000 (initially reported as 143,000). The unemployment rate edged higher to 4.1% in February, rising from 4.0% in January, while annual wage inflation rose to 4.0%, a slight decrease from the 4.1% reported the prior month. The SDX closed at 103.75, with a 0.32% loss on the day.
  • Annual Core Inflation, excluding food and energy, surprised the markets after easing to a rate of 3.1% for the 12 months ending February, below market expectations of 3.2% and 3.3% reported for January. Additionally, the Consumer Price Index (CPI) for the same 12-month period also decreased from 3.0% to 2.8%. These inflation reports led to the SDX closing the day with a gain of 0.10% at 103.58.
  • The Federal Open Market Committee (FOMC) held the federal funds rate steady at 4.25% to 4.50% during its March meeting, in line with market expectations. This move signaled the Fed’s cautious stance as it continued to assess a mixed economic picture, balancing stubborn inflation pressures with a steady labor market. Policymakers appeared to be taking a measured wait-and-see approach. The SDX closed with a gain of 0.19% at 103.18.
The MINI BRENT CRUDE FUTURES (BM) twice found support above the $69 level before steadily climbing back to $74. Ultimately, price closed at $74.77, marking a 2.7% increase from the previous month's close.
  • U.S. President Donald Trump issued a warning about "secondary tariffs" on countries purchasing oil from Russia and Venezuela, particularly targeting buyers like China. This aggressive trade stance sparked fears of supply disruptions, injecting uncertainty into the markets and adding upward pressure to prices.
  • Meanwhile, the OPEC+ alliance, which includes major producers such as Saudi Arabia, Russia, Iraq, and the United Arab Emirates, continued navigating a delicate balancing act. In March, they reaffirmed their commitment to stabilizing the market through controlled output, even as the global economy showed signs of both recovery and fragility. However, starting April 1st, OPEC+ initiated a phased rollback of their previous 2.2 million barrels per day cut, increasing output by 138,000 barrels per day each month, aiming for full restoration by September 2026. This decision, led by optimism in demand recovery, particularly from Asia, also underscored their readiness to adjust if market conditions shift.
The MICRO COINDESK BITCOIN FUTURES (MCB) briefly climbed to $92,000 in the first week of the month after slipping below the former $93,000 support level, which had turned into resistance. The price later retreated toward $80,000, ending the month at $84,077- up 5.8% from the prior month. Risk-based assets continued to reflect the economic uncertainty carried over from the previous month.
  • Amid persistent market uncertainty, a number of spot-bitcoin exchange-traded funds (ETFs) were introduced. Leading the wave was BlackRock’s iShares Bitcoin ETP (exchange-traded product) (IB1T), which made its debut on major European exchanges, including those in Paris, Amsterdam, and Frankfurt. Also noteworthy was the launch the Calamos principal-protected bitcoin ETFs andthe Calamos Bitcoin 80 Series Structured Alt Protection ETF® – April (CBTA) Designed with capital preservation in mind, these products cater to risk-conscious investors and underscore the growing sophistication and mainstream accessibility of crypto-related financial instruments.
The MICRO ASIA TECH 30 INDEX FUTURES (ATI) reversed its February gains, closing at $4,251, reflecting a 4.6% decline from the previous month. Technology stocks globally faced price losses in the first quarter, as investors took profits amid continued uncertainty following President Trump’s tariff announcements.

  • Taiwanese stocks struggled across the board. ASE Technology and Hon Hai posted steep drops of 16.40% and 16.10%, respectively. TSMC fell 12.50% amid concerns over global chip orders, while Delta, Quanta, and MediaTek also declined between 8% and 10%, capping off a difficult month for the sector.
  • Japanese stocks were broadly negative. Only Fujitsu and Sony posted gains, rising 2.50% and 0.70% respectively, supported by stable earnings in IT and entertainment. The rest of the segment declined sharply, with DISCO and Advantest down more than 20%, and Renesas losing 19.40%, highlighting pressure on the chip equipment space. Other notable names such as Keyence, Lasertec, Murata, Canon, Nintendo, and Tokyo Electron also recorded losses ranging from 5% to 10%, as global demand concerns weighed heavily.
  • Chinese stocks showed relative strength this month. Kuaishou led with a solid 7.40% gain, while Baidu advanced 7.70% on optimism around its AI developments. NetEase rose 2.10%, and both Alibaba and JD.com saw slight gains of 0.40% and 0.10%, respectively. Meanwhile, Xiaomi fell 5.10% and Meituan declined 3.80%, possibly due to concerns over domestic consumer demand.
  • Performance in Korean stocks was mixed. Samsung Electronics gained 6.10% amid signs of recovery in chip demand, while SK Hynix edged up 0.30%. In contrast, LG Energy Solution dropped 5.00%, potentially reflecting reduced investor appetite for EV-related stocks.
  • In Australia, Wisetech Global experienced a sharp 9.20% decline, reflecting weaker sentiment around tech logistics as investor caution grew.     
MINI U.S. DOLLAR INDEX® FUTURES
SYMBOL: SDX
CONDITIONS：
UPCOMING HIGH IMPACT EVENTS:
  • Thr 10 Apr Consumer Price Index (Mar)
  • Wed 16 Apr Retail Sales (Mar)
  • Wed 23 Apr S&P Global Manufacturing & Services PMI
  • Wed 30 Apr GDP Annualized (Q1) PREL
MARKET COMMENTARY
The SDX experienced significant volatility throughout March. Trading began on March 3rd, where the SDX briefly rallied to a high of 107.24, retesting the midpoint of the daily Bollinger Bands and then reversing sharply as concerns over proposed U.S. tariffs and weaker macroeconomic data weighed on sentiment, allowing the bears to return. The SDX broke below a daily support area that had held in the prior month, trading below the lower boundary of the daily Bollinger Bands by March 5th. This bearish momentum gathered pace throughout the week, driven by tariff concerns and negative data, as Nonfarm Payrolls missed expectations and January’s data was downwardly revised. The SDX closed the week with a loss of 3.25%, the sharpest decline since November 2022.

The following week, the SDX experienced a gradual rise as the market reacted to softer-than-expected inflation data and countered a significant decline in consumer sentiment. With the increased demand for the U.S. Dollar, the SDX closed with a gain of 0.40% at 103.99. In the third week of March, after initially gapping down, the SDX reached a support area between 103.15 to 102.85, lifting on March 20th as the market digested the previous day's Fed announcement, which held interest rates at 4.25% to 4.50%. The SDX closed the week at 103.80, up 0.46%.

The final week of March saw the SDX reach a high of 104.25 before closing lower as markets reacted to mixed economic signals and ongoing uncertainty over U.S. trade policy. While there were attempts to recover and trade above the midpoint of the daily Bollinger Bands on March 27th, these gains were short-lived, and the SDX reversed as the U.S. Dollar remained under pressure before rebounding on the final trading day of the month. The SDX closed March at 103.92, marking a monthly loss of 3.09%, the worst monthly performance in over 2 years, reflecting continued bearish sentiment driven by global economic concerns and subdued demand for the U.S. Dollar.

Daily technical indicators of SDX prices indicated a strong sell overall based on the moving averages. The technical oscillators indicated generally neutral conditions, which could prompt investors to consider waiting for a pullback before seeking trading opportunities. Using historical volatility, the price from the prior month’s close could range between 106.38 to 101.15 within the next 30 days. Investors or traders may consider the weekly support (101.80 to 99.92) or resistance areas (112.95 to 110.64) when planning their entries or exits, depending on their trading strategies. In March, the SDX was in a downtrend in the weekly and daily timeframes.
Source: TradingView | Events Source: FXStreet | Conditions Table: using daily SMA (10, 20, 30,50, 100, 200), EMA (10, 20, 30,50, 100, 200), Ichimoku Cloud (9, 26, 52), VWMA (20), HullMA (9), RSI (14), Stochastic (14, 3, 3), CCI (20), ADX (14, 14), Awesome Oscillator, Momentum (10), MACD (12, 26, 9), Stochastic RSI (3, 3, 14, 14), Williams %R (14), Bulls and Bears Power and Ultimate Oscillator (7,14,28) | Statistical Ranges: projecting daily Historical Volatility (21, 42, 63) | Support & Resistance Levels: using AutoUFOs® (0.5) applied to daily, weekly and monthly

timeframes (plotted as dotted lines that represent relevant support and resistance price zones colored as follows: red = resistance levels & green = support levels)
MINI BRENT CRUDE FUTURES
SYMBOL: BM
CONDITIONS
UPCOMING HIGH IMPACT EVENTS:
  • Sat 5 April OPEC+ 59th Joint Ministerial Monitoring Committee Meeting (JMMC).
  • Wed 28 May The 39th OPEC and non-OPEC Ministerial Meeting (ONOMM)
MARKET COMMENTARY
​Throughout the month, Mini Brent Crude futures (BM) twice found support above the $69 level before steadily climbing back to $74. Ultimately, price closed at $74.77, marking a 2.7% increase from the previous month's close.

U.S. President Donald Trump issued a warning about "secondary tariffs" on countries purchasing oil from Russia and Venezuela, particularly targeting buyers like China. This aggressive trade stance sparked fears of supply disruptions, injecting uncertainty into the markets and adding upward pressure to prices.

Meanwhile, the OPEC+ alliance, which includes major producers such as Saudi Arabia, Russia, Iraq, and the United Arab Emirates, continued navigating a delicate balancing act. In March, they reaffirmed their commitment to stabilizing the market through controlled output, even as the global economy showed signs of both recovery and fragility. However, starting April 1st, OPEC+ initiated a phased rollback of their previous 2.2 million barrels per day cut, increasing output by 138,000 barrels per day each month, aiming for full restoration by September 2026. This decision, led by optimism in demand recovery, particularly from Asia, also underscored their readiness to adjust if market conditions shift.

Daily technical indicators of oil futures (BM) prices indicated mixed buying market conditions. Technical oscillators in the prior month pointed toward neutral to buying market conditions. Using historical volatility, the price from the prior month’s close could range between $69.19 and $80.35 ($11.11) in the next 31 days. Investors or traders could consider daily support ($69.28 to $72.16) or weekly resistance ($74.43 to $77.00) areas when planning their entries or exits based on their trading strategies. Daily chart prices were sideward, holding between $69 and $82.
Source: TradingView | Events Source: FXStreet | Conditions Table: using daily SMA (10, 20, 30,50, 100, 200), EMA (10, 20, 30,50, 100, 200), Ichimoku Cloud (9, 26, 52), VWMA (20), HullMA (9), RSI (14), Stochastic (14, 3, 3), CCI (20), ADX (14, 14), Awesome Oscillator, Momentum (10), MACD (12, 26, 9), Stochastic RSI (3, 3, 14, 14), Williams %R (14), Bulls and Bears Power and Ultimate Oscillator (7,14,28) | Statistical Ranges: projecting daily Historical Volatility (21, 42, 63) | Support & Resistance Levels: using AutoUFOs® (0.5) applied to daily, weekly and monthly timeframes (plotted as dotted lines that represent relevant support and resistance price zones colored as follows: red = resistance levels & green = support levels)
MICRO COINDESK BITCOIN FUTURES
SYMBOL: MCB
CONDITIONS：
UPCOMING HIGH IMPACT EVENTS:

  • 2028 Bitcoin Halving event
MARKET COMMENTARY
Micro Coindesk Bitcoin futures (MCB) briefly climbed to $92,000 in the first week of the month after slipping below the former $93,000 support level, which had turned into resistance. The price later retreated toward $80,000, ending the month at $84,077- up 5.8%. Risk-based assets continued to reflect the economic uncertainty carried over from the previous month.

Amid persistent market uncertainty, a number of spot-bitcoin exchange-traded funds (ETFs) were introduced. Leading the wave was BlackRock’s iShares Bitcoin ETP (exchange-traded product) (IB1T), which made its debut on major European exchanges, including those in Paris, Amsterdam, and Frankfurt. Also noteworthy was the launch of a distinctive series of Calamos principal-protected bitcoin ETFs and the Calamos Bitcoin 80 Series Structured Alt Protection ETF® – April (CBTA). Designed with capital preservation in mind, these products cater to risk-conscious investors and underscore the growing sophistication and mainstream accessibility of crypto-related financial instruments.

Daily technical indicators of MCB prices indicated strong selling price action for daily and weekly moving averages. The technical oscillators indicated neutral to weak market conditions. Using historical volatility, the price from the prior month’s close could range between $62,605 and $105,550 ($42,945) in the next 31 days. Investors or traders could consider the weekly support ($68,870 to $73,083) or weekly resistance ($81,763 to $88,113) areas when planning their entries or exits based on their trading strategies. 
Source: TradingView | Events Source: FXStreet | Conditions Table: using daily SMA (10, 20, 30,50, 100, 200), EMA (10, 20, 30,50, 100, 200), Ichimoku Cloud (9, 26, 52), VWMA (20), HullMA (9), RSI (14), Stochastic (14, 3, 3), CCI (20), ADX (14, 14), Awesome Oscillator, Momentum (10), MACD (12, 26, 9), Stochastic RSI (3, 3, 14, 14), Williams %R (14), Bulls and Bears Power and Ultimate Oscillator (7,14,28) | Statistical Ranges: projecting daily Historical Volatility (21, 42, 63) | Support & Resistance Levels: using AutoUFOs® (0.5) applied to daily, weekly and monthly timeframes (plotted as dotted lines that represent relevant support and resistance price zones colored as follows: red = resistance levels & green = support levels)
MICRO ASIA TECH 30 INDEX FUTURES
SYMBOL: ATI
CONDITIONS
UPCOMING HIGH IMPACT EVENTS:

Interest Rates
  • Tue 1 Apr RBA
  • Thr 17 Apr BOK
  • Mon 21 Apr PBOC
  • Thr 1 May BOJ

Consumer Price Index
  • Thr 10 Apr China
  • Thr 17 Apr Japan
  • Wed 30 Apr Australia
MARKET COMMENTARY
ATI reversed its February gains, closing at $4,251, reflecting a 4.6% decline from the previous month. Technology stocks globally faced price losses in the first quarter, as investors took profits amid continued uncertainty following President Trump’s tariff announcements.

Taiwanese stocks struggled across the board. ASE Technology and Hon Hai posted steep drops of 16.40% and 16.10%, respectively. TSMC fell 12.50% amid concerns over global chip orders, while Delta, Quanta, and MediaTek also declined between 8% and 10%, capping off a difficult month for the sector.

Japanese stocks were broadly negative. Only Fujitsu and Sony posted gains, rising 2.50% and 0.70% respectively, supported by stable earnings in IT and entertainment. The rest of the segment declined sharply, with DISCO and Advantest down more than 20%, and Renesas losing 19.40%, highlighting pressure on the chip equipment space. Other notable names such as Keyence, Lasertec, Murata, Canon, Nintendo, and Tokyo Electron also recorded losses ranging from 5% to 10%, as global demand concerns weighed heavily.

Chinese stocks showed relative strength this month. Kuaishou led with a solid 7.40% gain, while Baidu advanced 7.70% on optimism around its AI developments. NetEase rose 2.10%, and both Alibaba and JD.com saw slight gains of 0.40% and 0.10%, respectively. Meanwhile, Xiaomi fell 5.10% and Meituan declined 3.80%, possibly due to concerns over domestic consumer demand.

Performance in Korean stocks was mixed. Samsung Electronics gained 6.10% amid signs of recovery in chip demand, while SK Hynix edged up 0.30%. In contrast, LG Energy Solution dropped 5.00%, potentially reflecting reduced investor appetite for EV-related stocks.

In Australia, Wisetech Global experienced a sharp 9.20% decline, reflecting weaker sentiment around tech logistics as investor caution grew.

Daily and weekly moving average technical indicators of ATI prices indicated neutral and selling market conditions during the month. Technical oscillators indicated weak to neutral market conditions last month. Using historical volatility, the price from the prior month’s close could range between $3,886 and $4,617 ($731) in the next 31 days. Investors or traders could consider weekly support ($4,126 to $4,287) or weekly resistance ($4,503 to $4,592) areas when planning their entries or exits based on their trading strategies.

Index Composition: 31.9% Taiwan, 26.9% Japan, 26.5% China, 14.2% South Korea, 0.5% Australia
Source: TradingView | Events Source: FXStreet | Conditions Table: using daily SMA (10, 20, 30,50, 100, 200), EMA (10, 20, 30,50, 100, 200), Ichimoku Cloud (9, 26, 52), VWMA (20), HullMA (9), RSI (14), Stochastic (14, 3, 3), CCI (20), ADX (14, 14), Awesome Oscillator, Momentum (10), MACD (12, 26, 9), Stochastic RSI (3, 3, 14, 14), Williams %R (14), Bulls and Bears Power and Ultimate Oscillator (7,14,28) | Statistical Ranges: projecting daily Historical Volatility (21, 42, 63) | Support & Resistance Levels: using AutoUFOs® (0.5) applied to daily, weekly and monthly timeframes (plotted as dotted lines that represent relevant support and resistance price zones colored as follows: red = resistance levels & green = support levels)
Micro CoinDesk Bitcoin Futures contract with contract size of 0.1 Bitcoin is cash-settled with the spot price of bitcoin referenced against CoinDesk’s Bitcoin Price Index. The reduced product size allows clients to optimize their capital exposure allocation and flexibility to utilize financial leverage across multiple products giving portfolio diversification opportunities to the client.
Source: TradingView | Average True Range: using daily ATR (14) | Support & Resistance Levels: using AutoUFOs® (0.5) applied to daily and  weekly timeframes
(plotted as dotted lines that represent relevant support and resistance price zones colored as follows: red = resistance levels & green = support levels)

CONTRACT SPECIFICATIONS

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