I’m curious about some implications of the spot transaction done...

I’m curious about some implications of the spot transaction done to a Singapore-based trader. It is evident that that firm is going to sell the 10,000 tonnes to one or more converters for a higher price, which indicates that converters (Sinomine and others) are keen to pay more than US$802. I can think of two scenarios: either the trader purchased on behalf of a converter and they agreed a fixed but low margin (5 %?) or the trader is confident to sell the cargo with a higher margin (10%? 15%?): the risk of not having an agreement does not compensate to earn only 5%, it will be better to place the money at the bank.
So, a shy converter that does not want to be recognized as the one who payed around US$850 in September 2024? Or an educated Singapore-based trader that expects spot price to be at US$880 or above in a month?

…Or à trader that is going to loose its money due to oversupply from Zimbabwe? (Irony)