Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| Callao, PeruHeadline | physical_fob | — | USD/MT | 650–950 | Dec 2024 | — |
| Morocco to EU | physical_cif | — | USD/MT | 2200–2800 | Dec 2024 | — |
| Tokyo, Japan | physical_fob | — | USD/MT | 1100–1400 | Dec 2024 | — |
Premium structure
Differentials between benchmarks reveal where physical sardines trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| Callao, Peru | — | |
| Morocco to EU | — | |
| Tokyo, Japan | — |
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