February 2025

ICE Futures Singapore Monthly Report

SUBSCRIBE HERE

TRADDICTIV® tradewithufos.com

SIMPLIFIED CHINESE

TRADITIONAL CHINESE

MACRO COMMENTARY

The MINI U.S. DOLLAR INDEX ® FUTURES (SDX) retreated from a monthly high of 109.71 to end February at 107.24 with a loss of 2.13% as the demand for the U.S. Dollar continued to weaken. This downturn was driven by a combination of factors, including mixed economic data and the Federal Reserve's cautious stance on interest rates. Additionally, uncertainties surrounding the Trump administration's economic policies, particularly the new tariffs set to begin in March, contributed to the weakening demand for the U.S. Dollar.

Nonfarm Payrolls (NFP) for January missed market expectations after announcing an increase of 143,000 new jobs compared to the anticipated 170,000. This was a significant slowdown from December's upwardly revised total of 307,000 (initially reported as 256,000). The unemployment rate edged lower to 4.0%, and annual wage inflation ticked up to 4.1%. The SDX closed at 107.93, with a gain of 0.25%.
Annual Core Inflation, excluding food and energy, surprised the markets after the rate increased to 3.3% for the 12 months ending January, above market expectations of 3.1% and 3.2% reported for December. In addition, the Consumer Price Index (CPI) edged higher than expected to 3.0% from 2.9% the previous month. These inflation reports, combined with Fed Chair Powell's neutral stance, led to the SDX closing the day with a loss of 0.24% at 107.65.
The Federal Reserve's January meeting minutes showed policymakers maintaining a cautious approach. Most members viewed the risks to both inflation and employment goals as balanced. The Fed kept the target range for the federal funds rate at 4.25% to 4.50%, stressing the need for more progress on inflation and employment before adjusting rates. Following the announcement, the SDX closed higher with a gain of 0.22% at 107.19.

The MINI BRENT CRUDE FUTURES (BM) tested the $77 level three times and the $74 level twice during the month before breaking below $74 in the final week of February, ultimately closing 3.8% lower at $72.81.

Oil prices remained volatile throughout February due to significant geopolitical and economic factors. The U.S. imposed tariffs on Canadian crude and other imports, fueling concerns over a trade war and slowing economic growth, which initially pressured prices downward. At the same time, the possibility of Russia-Ukraine peace talks reduced fears of supply disruptions, further weighing on prices. However, fresh U.S. sanctions on Iranian oil exports and the termination of a crude export deal with Venezuela raised supply concerns, pushing prices higher. Additionally, unexpected increases in U.S. gasoline and distillate inventories pointed to weaker demand, adding to price fluctuations throughout the month.

The MICRO COINDESK BITCOIN FUTURES (MCB) remained under pressure throughout February, breaking below the $93,000 level in the final days of the month after reaching an all-time high of $108,720 in January. The contract closed at $79,490, marking a steep 24% decline - the largest monthly drop since June 2022. Economic uncertainty driven by President Trump’s tariffs on Canada, Mexico, and China triggered a broad sell-off in financial markets, including cryptocurrencies.

Confidence in cryptocurrency markets was shaken by a major security breach at the Bybit exchange, which resulted in $1.5 billion in stolen assets. However, bitcoin saw a brief rally later in the month after Trump announced that cryptocurrencies would be included in a new U.S. strategic reserve, temporarily lifting market sentiment. Despite this, profit-taking and a broader market correction erased those gains, leaving bitcoin with a significant loss by the end of February.

The MICRO ASIA TECH 30 INDEX FUTURES (ATI) demonstrated strong momentum throughout the month, reaching a peak of $4,723 before pulling back and closing at $4,455, marking a 4.7% gain from the previous month. The robust performance in Chinese stocks was fueled by positive sentiment surrounding Artificial Intelligence (AI) and its impact on AI-related stocks.

Taiwanese stocks experienced a broad decline, with TSMC leading losses at 8.4%, followed by Delta Electronics down 8.1%, and Quanta Computer, dropping 7.1%. ASE Technology and Hon Hai saw moderate declines of 3.4% and 3.3%, respectively. MediaTek was the only gainer, rising 3.4%.
Japanese stocks showed mixed performance, with Renesas surging 16.9%, while Nintendo and Sony posted strong gains of 9.1% and 8.7%, respectively. Murata edged up 3.3%, and Canon recorded a modest 0.9% increase. Fujitsu declined 4.6%, and Advantest slipped 6.3%, showing moderate weakness. On the downside, Keyence dropped 11.7%, FUJIFILM fell 12.1%, Lasertec plunged 13.6%, Tokyo Electron tumbled 15.6%, and DISCO saw the sharpest decline at 16.0%, marking a significant weakness in semiconductor and precision equipment stocks.
Chinese stocks saw notable gains, with Alibaba soaring 44.4%, Xiaomi climbing 35.4%, Kuaishou Technology advancing 20.2%, and Tencent rising 19.3%. Meituan gained 9.3%, while JD.com edged up 2.4%. In contrast, Baidu declined 4.9%, and NetEase slipped 3.9%.
Korean stocks showed mixed results, with Samsung Electronics rising 4.0%, SK Hynix falling 4.5%, and LG Energy Solutions remaining unchanged.
Among Australian stocks, Wisetech Global experienced a steep decline, dropping 27.7%.

MINI U.S. DOLLAR INDEX ® FUTURES

SYMBOL: SDX

CONDITIONS：

UPCOMING HIGH IMPACT EVENTS:

Consumer Price Index (Feb)
Mon 17 Mar Retail Sales (Feb)
Wed 19 Mar Fed Interest Rate Decision & FOMC Press Conference
Thr 27 Mar GDP Annualized (Q4)

MARKET COMMENTARY

The SDX had a volatile start in February after initially surging to a high of 109.71 and reaching a resistance area between 110.01 - 109.19 before retreating sharply, despite ISM Manufacturing PMI data indicating an expansion for the first time in over two years. Bearish momentum took hold for the following two days, and the SDX crashed below the midpoint of the daily Bollinger Bands; even better-than-expected ADP employment change data announced on February 5th could not entice the bulls back. The SDX recovered slightly during the last two trading days of the week after the Nonfarm Payrolls data was released. Despite this late recovery, the week ended with the SDX closing at 107.93 with a loss of 1.49%. The following week, the SDX gapped up on the open and traded briefly above the midpoint of the Bollinger Bands; however, bearish sentiment swiftly returned, and the index traded lower throughout the week, with the worst performing days after the release of key inflation data. The week ended at 106.82, down 1.26% for the week, trading at the lower boundary of the Bollinger Bands.

During the week of February 17th, the SDX bullish sentiment returned until reaching a high of 107.22 on February 19th, when the demand for the U.S. Dollar weakened and the index traded lower, exacerbated the following day as the market digested the release of the FOMC minutes. Although the week ended on a positive note with renewed demand for the U.S. Dollar, the SDX closed the week down 0.07% at 106.58. On February 24th, the SDX traded into a support area between 106.20 - 105.83. After a brief rebound, it revisited the area. The index began to recover on February 26th, gapping higher on February 27th to close with a 0.79% gain from the previous session close. Bullish momentum continued and the SDX traded above the midpoint of the daily Bollinger Bands on the final day of the month. Despite this late rally, the Mini U.S. Dollar Index ® futures closed February at 107.74 with a loss of 2.13%.

Daily technical indicators of SDX prices indicated a strong buy overall based on the moving averages. The technical oscillators indicated generally buy to 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 110.29 to 104.83 within the next 31 days. Investors or traders could consider the weekly support (106.72 to 105.56) or resistance (112.95 to 110.64) areas for planning their entries or exits, depending on their trading strategies. In February, the SDX remained in an uptrend in the weekly timeframe, although the moving averages began to converge at the close of the final trading week. The SDX was in a downtrend on the daily timeframe.

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:

5th April OPEC+ 59th Joint Ministerial Monitoring Committee Meeting (JMMC).
28th May The 39th OPEC and non-OPEC Ministerial Meeting (ONOMM)

MARKET COMMENTARY

Brent crude futures (BM) tested the $77 level three times and the $74 level twice during the month before breaking below $74 in the final week of February, ultimately closing 3.8% lower at $72.81.

Oil prices remained volatile throughout February due to significant geopolitical and economic factors. The U.S. imposed tariffs on Canadian crude and other imports, fueling concerns over a trade war and slowing economic growth, which initially pressured prices downward. At the same time, the possibility of Russia-Ukraine peace talks reduced fears of supply disruptions, further weighing on prices. However, fresh U.S. sanctions on Iranian oil exports and the termination of a crude export deal with Venezuela raised supply concerns, pushing prices higher. Additionally, unexpected increases in U.S. gasoline and distillate inventories pointed to weaker demand, adding to price fluctuations throughout the month.

Daily technical indicators of oil futures (BM) prices indicated very weak market conditions. Technical oscillators in the prior month pointed toward selling market conditions. Using historical volatility, the price from the prior month’s close could range between $67.25 and $78.37 ($11.12) in the next 32 days. Investors or traders could consider weekly support ($71.12 to $73.62) or weekly resistance ($79.92 to $82.03) areas when planning their entries or exits based on their trading strategies. Weekly chart prices were sideward, holding between $70 and $99.

MICRO COINDESK BITCOIN FUTURES

SYMBOL: MCB

CONDITIONS：

UPCOMING HIGH IMPACT EVENTS:

2028 Bitcoin Halving event

MARKET COMMENTARY

Bitcoin futures (MCB) remained under pressure throughout February, breaking below the $93,000 level in the final days of the month after reaching an all-time high of $108,720 in January. The contract closed at $79,490, marking a steep 24% decline - the largest monthly drop since June 2022. Economic uncertainty driven by President Trump’s tariffs on Canada, Mexico, and China triggered a broad sell-off in financial markets, including cryptocurrencies.

Confidence in cryptocurrency markets was shaken by a major security breach at the Bybit exchange, which resulted in $1.5 billion in stolen assets. However, bitcoin saw a brief rally later in the month after Trump announced that cryptocurrencies would be included in a new U.S. strategic reserve, temporarily lifting market sentiment. Despite this, profit-taking and a broader market correction erased those gains, leaving bitcoin with a significant loss by the end of February.

Daily technical indicators of BMC prices indicated strong selling price action for daily and weekly moving averages. The technical oscillators indicated weak market conditions. Using historical volatility, the price from the prior month’s close could range between $64,430 and $94,550 ($30,120) in the next 32 days. Investors or traders could consider the weekly support area ($68,870 to $73,083) when planning their entries or exits based on their trading strategies.

MICRO ASIA TECH 30 INDEX FUTURES

SYMBOL: ATI

CONDITIONS

UPCOMING HIGH IMPACT EVENTS:

Interest Rates

Tue 18 Feb RBA
Thr 20 Feb PBOC
Tue 25 Feb BOK
Wed 19 Mar BOJ

Consumer Price Index

Sun 9 Feb China
Thr 20 Feb Japan

MARKET COMMENTARY

ATI demonstrated strong momentum throughout the month, reaching a peak of $4,723 before pulling back and closing at $4,455, marking a 4.7% gain from the previous month. The robust performance in Chinese stocks was fueled by positive sentiment surrounding Artificial Intelligence (AI) and its impact on AI-related stocks.

Taiwanese stocks experienced a broad decline, with TSMC leading losses at 8.4%, followed by Delta Electronics, down 8.1% and Quanta Computer, dropping 7.1%. ASE Technology and Hon Hai saw moderate declines of 3.4% and 3.3%, respectively. MediaTek was the only gainer, rising 3.4%.

Japanese stocks showed mixed performance, with Renesas surging 16.9%, while Nintendo and Sony posted strong gains of 9.1% and 8.7%, respectively. Murata edged up 3.3%, and Canon recorded a modest 0.9% increase. Fujitsu declined 4.6%, and Advantest slipped 6.3%, showing moderate weakness. On the downside, Keyence dropped 11.7%, FUJIFILM fell 12.1%, Lasertec plunged 13.6%, Tokyo Electron tumbled 15.6%, and DISCO saw the sharpest decline at 16.0%, marking a significant weakness in semiconductor and precision equipment stocks.

Chinese stocks saw notable gains, with Alibaba soaring 44.4%, Xiaomi climbing 35.4%, Kuaishou Technology advancing 20.2%, and Tencent rising 19.3%. Meituan gained 9.3%, while JD.com edged up 2.4%. In contrast, Baidu declined 4.9%, and NetEase slipped 3.9%.

Korean stocks showed mixed results, with Samsung Electronics rising 4.0%, SK Hynix falling 4.5%, and LG Energy Solutions remaining unchanged.

Among Australian stocks, Wisetech Global experienced a steep decline, dropping 27.7%.

Daily and weekly moving average technical indicators of ATI prices indicated very strong buying 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 $4,038 and $4,871 ($833) in the next 32 days. Investors or traders could consider weekly support ($4,126to $4,287) or monthly resistance ($4,725 to $5,156) 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

PRODUCT HIGHLIGHT:

MINI BRENT CRUDE FUTURES (BM) ®

Mini Brent Crude Futures contract with contract size of 100 barrels is cash-settled based on the ICE Futures Europe Brent Crude Futures contract which has a contract size of 1,000 barrels. 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.

DAILY INTERVAL

WEEKLY INTERVAL

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)

合约规格

BROKERS

KGI Futures | Orient Futures Singapore | Phillip Nova

*Notional size and Initial Margin and Daily ATR values are updated as of the date of this publication

Do you have any question or need further details?

CONTACT US

Risk Considerations for Retail Investors or Users

Futures contracts based on bitcoin may pose specific risks. Such risks may arise from greater volatility in prices resulting from a range of factors. Those risks could in turn affect financial outcomes associated with maintaining required margins or any losses at final contract settlement. Accordingly, such products may not be suitable for a retail investor or user, and such person may wish to approach their broker to assess his/her suitability to transact in the product.

Restrictions on Distribution

The distribution of this document and the offering of any products, investments or strategies mentioned in it may be restricted by law in certain jurisdictions. None of ICE Futures Singapore, Intercontinental Exchange Inc. nor any of their affiliates (collectively, “ICE”) represent that this document may be lawfully distributed, or that any product, investment or strategy described in it may be lawfully offered in compliance with any applicable laws or requirements in any such jurisdiction.

Disclosure Section

This document does not provide individually tailored financial or investment advice, and no part of this document should be construed as doing so. This document has been prepared without regard to the individual financial or other circumstances and objectives of persons who receive it. Investors and users should independently evaluate particular products, investments, and strategies and are encouraged to seek the advice of a financial advisor. The appropriateness of a particular product, investment or strategy will depend on a user or investor's individual circumstances and objectives. The products, investments or strategies discussed in this document may not be suitable for all users and investors, and certain users or investors may not be eligible to purchase or participate in some or all of them.

ICE Futures Singapore does not provide financial, investment, legal or tax advice and is not in the business of doing so. Each user or investor should always consult a financial, investment, legal or tax advisor for information concerning its individual situation and to learn about any potential financial, investment, legal, tax or other implications that may result from any product, investment or strategy described in this document.

In particular, any opinion contained in this document (including an indication of any “sell”, “neutral” or “buy” condition) is generic and not a recommendation to take (or omit to take) any action in relation to any product, investment or strategy.

Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key information Documents (KIDS)”.

© 2025 Intercontinental Exchange, Inc. The information and materials contained in this document - including text, graphics, links or other items - are provided for general information only on an "as is" and "as available" basis. Although this document is issued in good faith, no representation, warranty or guarantee, whether express or implied, is or will be made in respect of the information contained herein. ICE excludes all liability arising from or in relation to the accuracy, adequacy, completeness, fitness or timeliness of the information provided and assumes no duty whatsoever. The information in this document is liable to change, and ICE undertakes no duty to update such information. You should not rely on any information contained in this document without first checking that it is correct and up to date. No information set out or referred to in this document shall form the basis of any contract. The content of this document is proprietary to ICE in every respect and is protected by copyright. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of ICE. All third-party trademarks are owned by their respective owners and are used with permission.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE, and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at www.intercontinentalexchange.com/terms-of-use

The contracts are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any affiliate of MSCI or any other party involved in, or related to, making or compiling the MSCI Europe Index. The contracts have not been passed on by MSCI, any of its affiliates or any other party involved in, or related to, making or compiling the MSCI Europe Index as to their legality or suitability with respect to any person or entity. MSCI, its affiliates and any other party involved in, or related to, making or compiling the MSCI Europe Index do not guarantee the originality, accuracy and/or completeness of the MSCI Europe Index or any data included therein. Neither MSCI, any of its affiliates nor any other party involved in, or related to, making or compiling the MSCI Europe Index makes any express or implied warranties, and expressly disclaims all warranties of merchantability of and fitness for a particular purpose or use with respect to the contract, the MSCI Europe Index or any data included therein. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other party involved in, or related to, making or compiling the MSCI Europe Index have any liability for any direct, special, punitive, indirect or consequential damages (including lost profits), even if notified of the possibility of such damages, claims, losses or expenses relating to any futures or options contracts or caused by any errors or delaying in calculating or disseminating the MSCI Europe Index. Neither MSCI, any of its affiliates nor any other party involved in, or related to, making or compiling the MSCI Europe Index has any obligation to take the needs of the issuers of the contracts, the owners of the contracts of the Exchange into consideration in determining, composing or calculating the MSCI Europe Index. Neither MSCI, its affiliates nor any other party involved in, or related to, making or compiling the MSCI Europe Index is responsible for or have participated in the determination of the timing of, prices at, or quantities of the contracts to be issued or in the determination or calculation of the equation by which the contracts are redeemable for cash.