Singapore Exchange (SGX) saw its shares surge 3.01% during intraday trading on Tuesday, marking a significant upward movement for the exchange operator.

The rally comes as SGX announced plans to broaden its product offerings by developing new coking coal and steel futures contracts. According to company executives, the exchange is responding to evolving trade flows, with the steel futures contract targeting the hot-rolled coil product used in manufacturing. "As steel intensity in China reduces, we are seeing bright spots coming from India and Southeast Asia," said Tan Tee Yong, SGX's head of commodity derivatives.

In a separate but related development, Singapore's Deputy Prime Minister announced that SGX will establish an over-the-counter gold clearing system by the end of the year. This initiative is part of Singapore's broader strategy to establish itself as a gold trading hub, potentially opening new revenue streams for the exchange. The combination of new commodity derivatives and precious metals infrastructure expansion is viewed by investors as positive for SGX's future growth prospects.