Nanhua Futures: The short-term rebound of EC2608 is more of a post-decline repair.

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The short-term rebound of EC2608 is more of a post-decline repair and does not mean that the battle over the freight rate turning point is over. The spot market remains at a high level, but low and high prices coexist. The market has shifted from one-sided pushing up to verification of actual transaction execution. In the short term, if the 08 contract continues to repair, it will still be constrained by the spread of low spot prices and pressure from forward capacity; if shipping companies continue to increase low-price quotations, there is still a risk of the 08 contract weakening again. In terms of monthly spreads, 07 is still supported by near-month delivery, 08 bears the expectation of the late peak season, and further-out months continue to reflect supply pressure. The logic of the 7-8 bull spread remains, but after the rebound in the 08 contract, it is not advisable to chase the expansion. The focus should be on observing spot execution and verification by SCFI and SCFIS. (Nancai Futures)
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