About this Market

Singapore’s Meteorological Service outlook for the southwest monsoon period highlights typical daily maxima of 33–34°C in early-to-mid July, tempered by localized afternoon thundery showers that can limit peaks when cloud cover increases. Strengthening El Niño conditions, with Niño-3.4 anomalies near +1.2°C, are favoring warmer and drier regional patterns that support the market’s tight clustering around 32°C and 33°C as leading outcomes. Short-term steering winds and humidity levels will determine whether radiative heating pushes readings to 34°C or allows convective cooling to cap them near 31°C. Updated NEA and MSS forecasts over the next 48 hours remain the key near-term catalyst for any shift in trader positioning.