Container futures rally as US-China trade hopes outweigh Red Sea ceasefire
- Shanghai freight futures jumped, led by the August contract, on optimism over upcoming China-US trade talks
- Investors largely ignored Red Sea ceasefire news, seeing limited immediate impact vessel routing
- Analyst says the rally was sentiment driven, with Asia-Europe trade remaining under pressure from an oversupply of vessels, regardless of changes on transpacific routes
Shanghai container freight futures rallied on optimism over revived China-US trade talks, as traders largely brushed aside Red Sea ceasefire news and persistent overcapacity on Asia-Europe trades