CME says average daily volumes of aluminum rose in the third quarter

CME says average daily volumes of aluminum rose in the third quarter

(Reuters) – Average daily volumes in aluminum futures contracts rose 359% in the third quarter so far from the first quarter, hitting a one-day record of 6,709 contracts on Sept. 1, CME Group Inc. (NASDAQ) said on Friday. 14.

All 25 of the largest aluminum futures contracts have occurred since April, with nearly 150 new accounts trading since May, the Chicago Mercantile Exchange said in a statement.

Aluminum prices on the London Metal Exchange hit a record high of $4,073.50 per ton in early March due to tight supply due to the Russian invasion of Ukraine. But prices have fallen more than 40% since then. [MET/L]

β€œWe have seen an increase in demand from aluminum participants to boost liquidity and create a more robust alternative market,” said Jin Zhang, managing director and global head of metals at CME Group.

Zhang said the daily volume of aluminum futures contracts on the Chicago Mercantile Exchange averaged about 3,700 contracts in September, with open interest around 1,000 contracts.

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