Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The view on the Container Shipping Index (European Line) for this week is wide - range fluctuations. It's necessary to pay more attention to supply - side changes, especially the shipping schedule delays from late November to December caused by port congestion in Europe, which potentially benefit the 2512 contract. The 2512 contract is recommended to be traded with a wide - range fluctuation strategy, and the 2602 contract can also be considered for low - buying opportunities, mainly through 02 - 04 positive spreads for rolling long positions [1][4] Summary by Relevant Catalogs Price Spot Freight and Spot Index Tracking - The average market freight for 43 weeks was 1108 dollars for 20GP and 1812 dollars for 40GP. The SCFIS European Line index on October 13th was 1031.80 points, and it's expected to be around 1100 points on October 20th. The freight of the PA alliance loosened in late October, falling to 1300 - 1500 dollars/FEU [12][14][15] Seasonal Freight Trends of Major Global Routes - The SCFI and NCFI show the seasonal freight trends of major global routes, including Shanghai - Europe, Shanghai - Mediterranean, Shanghai - North America, etc [17][18][20] Demand Side China's Export Perspective - In September 2025, China's US - dollar - denominated export year - on - year growth rate rebounded to 8.2%. Exports to the EU, Africa, and ASEAN remained strong, with the year - on - year growth rate of exports to the EU rising to 14.2% [26] Asia's Export to Europe Perspective - From January to August 2025, the cumulative container trade volume from Asia to Europe (Northwest Europe + Mediterranean) was 13.18 million TEU, with a cumulative year - on - year increase of 9.7% [4] Asia's Export to North America Perspective - In January 2025, the container trade volume from Asia to North America was 2.1188 million TEU, with a year - on - year increase of 8.2% [33] US Import Volume Weekly Tracking - The data shows the weekly container import volume of the US from the world, India, China, etc., updated to October 9th [36][37][38] Supply Side Supply Chain Risk Events - Events include the Middle East geopolitical situation, European port operation efficiency, and Southeast Asian extreme weather. For example, Tropical Storm "Ramil" may affect port operations in South China Sea areas [45][46][47] Shipping Schedule Table - The weekly average capacity in November remained around 300,000 TEU/week (excluding 2 pending voyages), with a month - on - month increase of 16.5% and a year - on - year increase of 6.4%. There are many pending voyages in December, and the capacity may be significantly revised later [4][50] Dynamic Capacity - In the past week, the speed of 8,000 - 11,999TEU container fleets was around 15 knots, and the idle capacity of 8 - 11,999TEU container fleets was 14 ships as of October 10th [59] Turnover Efficiency - Data shows the congestion situations of ports in China, the UK/Europe, the Mediterranean/Black Sea, Southeast Asia, North America, and Asia [61][63][65] Static Capacity - In the past three months, the top ten liner companies received new 12,000+TEU container ships, with some deployed on European, American, and Latin American routes. In the next three months, they are expected to receive 18 new 12,000+TEU container ships [74][75][76]

Report Industry Investment Rating - The 12 - contract is expected to be volatile and bullish, and there is no arbitrage strategy currently [9] Core View - The shipping market is affected by multiple factors such as geopolitics, supply - demand relationship, and contract price trends. Pay attention to the actual implementation of price increase letters in November and December, and the price adjustment of 10 - month contracts. The 12 - month contract focuses on the rhythm of price increase, and the 2026 February contract may have a large expected difference [1][7] Summary by Directory 1. Futures Price - As of October 16, 2025, the total open interest of all contracts of the container shipping index European line futures was 61,878 lots, and the single - day trading volume was 38,960 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2510, and EC2512 contracts were 1429.20, 1119.90, 1281.20, 1410.80, 1100.90, and 1651.10 respectively [8] 2. Spot Price - Different shipping alliances have different price quotes for the Shanghai - Rotterdam route. For example, in the Gemini Cooperation, Maersk's 43 - week quote for Shanghai - Rotterdam was 1100/1840, and the 44 - week quote was 1194/2010; HPL's price in the second half of October was 1185/1935, and the price in the first half of November was 1535/2535, with a quote of 1735/2835 for the second - half - month shipping schedule in November. Many shipping companies have issued price increase letters [1] 3. Container Ship Capacity Supply - From October to December 2025, the average weekly capacity from China to European base ports showed different trends. In October, the average weekly capacity in the remaining three weeks was 276,100 TEU. In November, the monthly average weekly capacity was 302,800 TEU, and in December, it was 287,700 TEU. There were 4 blank sailings and 3 TBNs in November, and 7 TBNs in December [3] 4. Supply Chain - There are geopolitical factors affecting the supply chain. For example, Israeli officials denied the start of the second - stage negotiations on the Gaza cease - fire, and the Houthi armed forces confirmed the death of their armed forces chief of staff. Also, the Chinese Ministry of Commerce imposed sanctions on 5 US - related subsidiaries of Hanwha Ocean Co., Ltd., and it is not yet known whether it will affect HMM's operations [3][4] 5. Demand and European Economy - The report does not provide direct information on demand and the European economy, but the shipping market is closely related to European economic conditions. The shipping companies' price adjustment strategies are related to the expected demand and economic situation in the future, such as preparing for the next - year long - term contract negotiations [7]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The EC futures market is experiencing fluctuations, with the EC2512 contract closing at 1651.1 points on October 16, down 3.37% from the previous day. Spot freight rates have shown a mixed trend, with the latest SCFI European line up 10% week - on - week, ending a 9 - week decline, while the SCFIS European line was down 1.4% week - on - week, and the decline has slowed. Shipowners have started to announce rate increases for November, and the market is closely watching the implementation of these rate hikes. The demand is seasonally declining but is expected to improve from November to December, and the supply side shows some changes in shipping capacity, especially in December. There are also risks such as the Israel - Palestine situation and potential tariff negotiations between China and the US [3][4]. 3. Summary by Directory Market Analysis and Strategy Recommendation - **Market Performance**: On October 16, EC2512 closed at 1651.1 points, down 3.37% from the previous day. The latest SCFI European line on October 10 was reported at $1068/TEU, up 10% week - on - week, ending a 9 - week decline, and the SCFIS European line on Monday was 1031.8 points, down 1.4% week - on - week, with the decline in spot freight rates slowing. Shipowners such as MSK, MSC, CMA, and HPL have announced rate increases for November, with targets ranging from $1500 - $2700/FEU. Port fees have started to be levied due to China - US ship sanctions, and some ships are taking measures to avoid them [3]. - **Logical Analysis**: In the second half of October, some shipowners have lowered their rates, while major shipowners have issued rate increase notices for November, mostly around $2500 - $2700/FEU. The market is divided, with OA having better cargo collection and PA still facing pressure. The freight rate center of shipowners in the second half of October is expected to be higher than in the first half. The demand is seasonally declining but is expected to improve from November to December, and the shipping capacity from October to November changes little, with some ships being delayed and shipowners changing vessels. In December, the PA alliance will add three suspended ships and one new ship, and MSC will add one TBN. The Israel - Palestine negotiation is progressing, and there is a possibility of tariff negotiations between China and the US [4]. - **Trading Strategy**: For the unilateral strategy, the remaining long positions in EC2512 can be held, and a low - buying strategy can be adopted if the near - month contract EC2512 pulls back. For the arbitrage strategy, the 2 - 4 positive spread can continue to be held [6][7]. Industry News - Trump said that Modi assured him that India would not buy oil from Russia, but it would take a process. Trump threatened to impose trade penalties such as tariffs on Spain due to its refusal to increase defense spending to the NATO standard, and the EU responded that it would take appropriate measures [7]. - Regarding the Red Sea situation, Trump threatened to resume Israeli actions if Hamas does not abide by the cease - fire agreement. The Israeli government hopes that Hamas will fulfill its obligations and return all hostages, and the Israeli Defense Minister instructed the military to formulate a plan to "defeat Hamas" if the Gaza war resumes [8][9].

Core Viewpoint - The article discusses the fluctuations in shipping rates and trade dynamics between Asia and Europe, highlighting the impact of geopolitical events and economic conditions on the supply and demand in the shipping industry [3][5][11]. Demand Side: Resilience Expected but Growth May Slow - The shipping trade volume from Asia to Europe has seen a year-on-year growth of approximately 10%, which is historically high, but the price elasticity of shipping rates is lower than last year [5][11]. - Different freight forwarding companies report varying experiences regarding cargo volume, with most indicating an increase, but the perception of growth differs based on customer structure and product types [5][7]. - Factors driving significant growth in imports from China to Europe include cost advantages of Chinese products, shifts in export destinations due to tariffs, policy-driven stockpiling behaviors, and environmental factors such as high summer temperatures in Europe [7][10]. - The demand for certain categories, particularly textiles, machinery, and electric vehicles, remains strong, although the overall growth rate is expected to slow in the coming year [11]. Supply Side: Continued Loose Supply Conditions - The restructuring of shipping alliances has led to an increase in overall market capacity and the introduction of new shipping routes, affecting pricing dynamics and cargo strategies [13]. - The market is experiencing a loosening of supply as the benefits from the additional shipping routes due to geopolitical tensions diminish, leading to more scheduled repairs and maintenance of vessels [16][19]. - The delivery of new ships is expected to slow down next year, but some companies still face significant delivery pressures, which may contribute to ongoing supply looseness [19]. - The introduction of more car carriers is expected to divert container shipping volumes, particularly for electric vehicles, thereby reducing demand on container shipping routes to Europe [22].

Market Dynamics - EasyJet shares experienced the largest increase in almost three years [1] - MSC is reportedly considering a bid for the budget airline EasyJet, potentially in collaboration with an investment firm [1]

Core Viewpoint - Shares in budget airline Easyjet experienced a significant increase of up to 11.5% following reports of potential acquisition interest from shipping company MSC [1] Company Summary - Easyjet's stock price surged as traders reacted to news from Italian media regarding a possible bid from MSC [1] Industry Summary - The airline industry, particularly budget airlines like Easyjet, is witnessing increased investor interest, potentially driven by consolidation opportunities with companies from other sectors, such as shipping [1]

1. Report Industry Investment Rating - The trend strength of the Container Shipping Index (European Line) is rated as 1, indicating a "neutral" view on the market trend, with the range of trend strength being an integer within the [-2, 2] interval [14]. 2. Core View of the Report - The Container Shipping Index (European Line) showed a low - opening rebound yesterday. Looking forward, the market trading has three main lines: the European line's own fundamentals, resumption of shipping expectations, and macro - sentiment disturbances caused by changes in Sino - US tariff policies [10]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: EC2510 closed at 1,129.4 with a daily increase of 0.35%, EC2512 at 1,562.5 with a daily decrease of 2.65%, and EC2602 at 1,359.9 with a daily decrease of 0.40%. The difference between EC2512 and EC2604 is 464.0, and the difference between EC2602 and EC2604 is 261.4 [1]. - **Freight Index Data**: On October 13, 2025, the SCFIS European route index was 1,031.80 points, down 1.4% week - on - week; the SCFIS US West route index was 862.48 points, down 1.6% week - on - week. The SCFI European route index was $1,068/TEU, up 10.0% bi - weekly; the SCFI US West route index was $1,468/FEU, up 0.5% bi - weekly [1]. - **Spot Freight Data**: For European line spot freight from Shanghai to Rotterdam, prices range from $1,806 - $2,292 for 40'GP and $1,085 - $1,605 for 20'GP among different carriers [1]. - **Exchange Rate Data**: The US dollar index was 98.84, and the US dollar against the offshore RMB was 7.12 [1]. 3.2 Capacity Analysis - **October**: The weekly average capacity was revised down from 26.5 to 25.7 TEU/week before the holiday, mainly due to many delayed sailings on the FE4 route. The spot market will mainly handle cargo for weeks 43 and 44 next week, corresponding to capacity supplies of 290,000 and 335,000 TEU respectively, with sufficient cabin space [11]. - **November**: The weekly average capacity was 307,000 TEU/week (excluding pending voyages), a 19% month - on - month increase and an 8.9% year - on - year increase. Key points include new sailings cancellations on COSCO's AEU7, pending voyages on CMA's FAL1 and Evergreen's CES in week 48, 2 actual empty sailings on the PA alliance's Northwest European route, and MSC's full - sail operation in November [11]. - **December**: There are 6 pending and 3 empty sailings, with a weekly average capacity of 295,000 TEU/week (excluding pending voyages), and there is room for significant revision due to many pending voyages [11]. 3.3 Contract Analysis - **EC2510 Contract**: Expected to fluctuate within a narrow range [12]. - **EC2512 Contract**: The peak - season attribute cannot be ignored. There are both positive and negative views. Positive factors include investors' TACO trading expectations and the resilience of the European line's fundamentals. Negative factors include uncertainties in the trade war and the possibility of the market significantly discounting if the price increase in early November fails to materialize [13]. - **EC2602 Contract**: The key points are the impact of the later Spring Festival in 2026, the uncertainty of resumption of shipping in February, and the valuation mainly depending on the freight level in January [13]. - **EC2604 Contract**: With the increasing pressure of over - capacity, its upper - limit valuation can be anchored to EC2510, and the lower - limit space may expand further with the shipping companies' resumption of shipping schedule [14]. 3.4 Macro News - The US, Egypt, Qatar, and Turkey signed a Gaza cease - fire agreement in Sharm El - Sheikh, Egypt on October 13, 2025. The "Peace Summit" was hosted by Egyptian President Sisi and US President Trump [9]. - The US Middle East Envoy, Wietkof, will stay in Egypt for a long time at the instruction of President Trump [9].

1. Report Industry Investment Rating - The investment view is "oscillating", specifically "oscillating weakly" [3] 2. Core View of the Report - Affected by the Gaza peace talks and the deterioration of Sino - US relations, the European Container Freight Index (EC) shows a pattern of near - term strength and long - term weakness. The spot freight rate is favorable, but political and economic factors are unfavorable. The supply of shipping capacity and demand are neutral. In the new long - term agreement cycle in 2026, the market will continue the trend of "falling freight rates and increasing bargaining power of cargo owners". The resumption of the Suez route will likely be phased and verified, with the second quarter of next year as the first substantial observation point [3] 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Influencing Factors and Logics** - **Spot Freight Rate**: Bullish. This week, the GEMINI price in early October dropped to 1500, OA to 1550, PA to 1400, and MSC to 1600. The FAK freight rate center in the market in late September was 1500, and the overall quotation range in late October was 2000 - 2200 (MSK's price increase letter indicates 2500 in early November) [3] - **Political and Economic**: Bearish. Trump threatened to impose a 100% tariff on Chinese - origin goods from November 1. China announced new restrictions on rare - earth exports. The US adjusted the 232 - clause tariff on some products. Israel and Hamas reached a peace agreement, but there are still uncertainties [3] - **Shipping Capacity Supply**: Neutral. The average weekly shipping capacity deployment in September was 305,000 TEU, 250,000 TEU in October, 280,000 TEU in November, and 290,000 TEU in December [3] - **Demand**: Neutral. The overall loading rate declined rapidly, lower than the same - period levels of the past two years. The loading rate of GEMINI rebounded due to significant price cuts, while those of the other two alliances continued to decline [3] - **Investment View**: Oscillating weakly [3] - **Trading Strategy**: Unilateral trading is oscillating, and the 10 - 12 spread trading is in a long - short positive spread. Attention should be paid to geopolitical disturbances and domestic and foreign macro - policy disturbances [3] 3.2 Price - **Spot Market**: There are data on European line indices, US - West line indices, and US - East line indices, as well as Maersk's European line quotations [6][12] 3.3 Static Shipping Capacity - **Order Volume**: There are data on order volume, new - order volume, and order volume by loading capacity [15] - **Delivery Volume**: There are data on delivery volume and delivery volume by loading capacity [18] - **Demolition Volume**: There are data on demolition volume and demolition volume by loading capacity [19] - **Future Delivery**: There are data on future delivery volume, future delivery volume by quarter and season, and future delivery volume by loading capacity [24][26] - **Ship - Breaking Price**: There are data on ship - breaking price by loading capacity and new - shipbuilding price index and price by loading capacity [31] - **Second - Hand Ship Price**: There are data on second - hand ship price index and second - hand ship price by loading capacity [37] - **Existing Shipping Capacity of Container Ships**: There are data on existing shipping capacity, existing shipping capacity by loading capacity, existing shipping capacity of ships over 25 years old, idle and retrofitting ratios, average age, and average age of ship - breaking [46][49][53] 3.4 Dynamic Shipping Capacity - **Shipping Schedule (Shanghai - European Base Ports)**: There are data on the total shipping capacity deployment from Shanghai to European base ports, and the shipping capacity deployments of PA + MSC, MSC, GEMINI, and OCEAN [61][63][65][67][69] - **Container Ships with Desulfurization Towers**: There are data on container ships with installed desulfurization towers, those being installed, average age and duration of installation, and average speed [71][72][75] - **Idle Shipping Capacity**: There are data on idle shipping capacity, idle shipping capacity by loading capacity, hot - idle shipping capacity, and shipping capacity for desulfurization tower retrofitting [79][80]

Report Industry Investment Rating No relevant content provided. Core View of the Report The escalation of the tariff war may cause the Container Shipping Index (European Line) to continue its weak performance temporarily. The supply and demand situation of the European line is complex, with potential fluctuations in freight rates and market sentiment affected by trade friction and other factors. [1][4] Summary by Relevant Catalogs Overview - The weekly average capacity in October was revised down from 265,000 TEU/week before the holiday to 257,000 TEU/week, mainly due to many postponed sailings on the FE4 route. The spot market will mainly take cargo for Weeks 43 and 44 next week, corresponding to capacity supplies of 290,000 and 335,000 TEU respectively, with relatively sufficient cabin space. [4] - The weekly average capacity in November was 310,000 TEU/week before the holiday, with little overall change in the past two weeks. Currently, it is 307,000 TEU/week (excluding pending voyages), a month-on-month increase of 19% and a year-on-year increase of 8.9%. [4] - December includes 6 pending and 3 empty sailings, with a weekly average capacity of 295,000 TEU/week (excluding pending voyages). Due to many pending voyages, there is room for significant revision in the future. [4] - In the short term, considering comprehensive loading and suspension information, the reduction of empty sailings by the PA Alliance in mid - to late October reduced the pressure on shipowners to take cargo after the holiday. However, there was no significant improvement in demand in late October, so the freight rate increase in late October lacked a solid cargo volume foundation. Observe the freight rate adjustment actions next week. [4] - The trade volume between Asia and Europe (Northwest Europe + Mediterranean) in August reached 1.85 million TEU, a year-on-year increase of 11.8% and a month-on-month increase of 5.2%. The cumulative trade volume from January to August was 13.18 million TEU, a cumulative year-on-year increase of 9.7%. [4] Price - It is expected that the SCFIS European Line Index for Week 41 (October 13) will slightly decline from the previous period (1046.50 points); there is also a certain probability of oscillation. Considering that the ships of the PA Alliance with significant pre - holiday price cuts will not be reflected in this period's index but in the index on October 20. [5] - For the 2510 contract, it will fluctuate narrowly around 1100 points. [5] - For the 2512 contract, the seasonal characteristics of the European line cannot be ignored. The escalation of the trade friction will inevitably lead to market adjustments. It is recommended to treat the 2512 contract with a wide - range oscillation mindset (1400 - 1800 points), and pay attention to the unilateral low - buying opportunities brought by the tariff event next week. [5] - For the 2602 contract, due to the later Spring Festival in 2026 compared to 2025, the valuation of the 2602 contract depends more on the freight rate level in January. It is recommended to intervene in the 02 - 04 positive spread with a light position. [6] - The counter - measures taken by China against the US USTR port surcharges will have a limited impact on the European line market. [6] Demand Side - From the perspective of China's exports (valued in amount, updated to August), in August 2025, the year - on - year growth rate of China's exports in US dollars dropped from 7.2% in July to 4.4%, lower than the Bloomberg consensus forecast of 5.5%. Exports to the US continued to decline, while exports to the EU continued high - growth, and exports to ASEAN increased significantly. [26] - From the perspective of Asia's exports to Europe (updated to August), the container trade volume between Asia and Europe (Northwest Europe + Mediterranean) in August reached 1.85 million TEU, a year - on - year increase of 11.8% and a month - on - month increase of 5.2%. [4] - From the perspective of Asia's exports to North America, the container trade volume between Asia and North America in August 2025 was 2.0148 million TEU, a month - on - month decrease of 5.3% and a year - on - year decrease of 12.3%. [33] Supply Side - **Ship Schedule**: The weekly average capacity in October was revised down. The weekly average capacity in November was 307,000 TEU/week (excluding pending voyages), and December had 6 pending and 3 empty sailings, with a weekly average capacity of 295,000 TEU/week (excluding pending voyages). [38][39] - **Dynamic Capacity**: In the past week, the speeds of 8,000 - 11,999 TEU, 12,000 - 16,999 TEU, and 17,000+ TEU container fleets were maintained at around 15, 15.2, and 15.2 knots respectively. As of October 10, the number of idle ships in the 8 - 11,999 TEU, 12 - 16,999 TEU, and 17,000+ TEU container fleets was 12, 7, and 2 respectively. [50] - **Turnover Efficiency**: Analyzed the congestion situations of container ships at ports in different regions such as China, the UK/Europe, the Mediterranean/Black Sea, Southeast Asia, North America, and Asia. [52] - **Static Capacity**: From August to October, multiple new container ships of the top ten liner companies were launched and deployed on different routes. From October to December, the top ten liner companies will receive 15 new 12,000 - 16,999 TEU container ships (228,000 TEU) and 3 new 17,000+ TEU container ships. [72][74]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The shipping market shows a pattern of strong near - term and weak long - term. The end - of - year peak season may not materialize as expected due to the double decline in supply and demand in October. The market will continue the trend of "falling freight rates and rising bargaining power of shippers" before the new long - term agreement cycle in 2026. The resumption of the Suez route will likely be phased, with the second quarter of next year being the first key observation point. The negotiation between Israel and Hamas has created theoretical possibilities for the resumption of Red Sea shipping, but the shipping industry still faces multiple challenges [8][9]. 3. Summary by Relevant Content Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Composite Index (SCFI) is at 1115, down 6.97% from the previous value; the China Export Container Freight Index (CCFI) is at 1087, down 2.93%. Rates for various routes such as SCFI - US West, SCFI - US East, and SCFI - Northwest Europe all decreased, with declines ranging from 4.89% to 10.76% [5]. - **EC Contracts**: Prices of most EC contracts decreased, with EC2506 down 13.05% and EC2608 down 10.57%. However, EC2510 increased by 0.84%. The positions of some contracts changed, with EC2606 and EC2608 positions increasing, while EC2410 positions decreased [5]. - **Month - to - Month Spread**: The 10 - 12 month - to - month spread is - 568.1, up 53.2 from the previous value; the 12 - 2 spread is 282.0, up 192.9; the 12 - 4 spread is 568.1, up 90.4 [5]. Market News - On October 5, 2025, OPEC + announced that eight oil - producing countries will increase production by 137,000 barrels per day in November. The next meeting on December policies will be held on November 2 [5]. - On October 4, Trump said that Israel agreed to a preliminary withdrawal route in Gaza, and a cease - fire would take effect after Hamas' confirmation. A prisoner exchange will also be initiated [6]. - On October 1, the US federal government "shut down" for the first time in nearly 7 years due to the Senate's rejection of the appropriation bill [6]. - On October 4, the Kriskii refinery in Russia's Leningrad Oblast was attacked by drones and caught fire. The fire has been extinguished, and seven drones were destroyed [7]. - On October 1, US media reported that the Trump administration agreed to provide intelligence to Ukraine to support long - range attacks on Russian energy facilities [7]. - The Nikkei 225 index rose 4.8% to 47,944.76 points, and the Topix index rose 3.1%. The yen weakened significantly against the US dollar, breaking through the key level of 150 [7]. EC Market Analysis - **Spot Price**: In early October, GEMINI prices dropped to 1500, QA to 1500, RA to 1400, and MSC to 1600. The overall quoted price range in late October is between 2000 - 2200, and there are rumors of continued price support [8]. - **Logic**: In late September, shipping companies cut prices to grab cargo, and freight rates dropped to $1300/FEU. In October, supply and demand both decreased, and the market is likely to return to the off - season. Shipping companies' price increase announcements may not be implemented, and key factors to monitor include price increase implementation, peak - season cargo volume, and shipping companies' attitude towards price support [9]. - **Strategy**: A long - short spread strategy between the 10 - month and 12 - month contracts is recommended [10].