CME says aluminium futures average daily volumes have surged in Q3

Reuters

(Reuters) – Futures exchange operator CME Group Inc on Friday said average daily volumes in aluminium futures have surged 359% in the third quarter to date from the first quarter, hitting a single-day record of 6,709 contracts on Sept. 14.

All of the top 25 aluminium futures volume days have occurred since April, with nearly 150 new accounts trading since May, the CME said in a statement.

Aluminium prices on the London Metal Exchange hit a record high of $4,073.50 a tonne in early March on supply scarcity due to Russia’s invasion of Ukraine. But prices have fallen by more than 40% since after. [MET/L]

Related News:   Freighter pilot called for tugboat help before plowing into Baltimore bridge

“We have seen an increase in demand from aluminium participants to enhance liquidity and create a more robust alternative market,” said Jin Chang, managing director and global head of metals at CME Group.


The daily volume of CME’s aluminium futures has averaged about 3,700 contracts in September, with open interest around 1,000 contracts, Chang said.


(Reporting by Deep Vakil in Bengaluru; editing by Jason Neely)

tagreuters.com2022binary_LYNXMPEI8F0MH-VIEWIMAGE

You appear to be using an ad blocker

Shore News Network is a free website that does not use paywalls or charge for access to original, breaking news content. In order to provide this free service, we rely on advertisements. Please support our journalism by disabling your ad blocker for this website.