CFTC Approves NYMEX Aluminium Futures and Options

The Commodity Futures Trading Commission (CFTC) on March 24 approved the New York Mercantile Exchange's application to trade aluminium futures and options contracts. The Exchange's board of directors previously announced the launch dates as Friday, April 16, for aluminium futures; and Friday, June 4, for aluminium options. Exchange President R. Patrick Thompson said, 'There has been strong demand from the North American aluminium industry for these contracts and we look forward to their launches. With coal and Middle East sour crude oil futures and options also on the table for introduction later this year and the Pennsylvania-New Jersey-Maryland electricity futures contract launched last week, 1999 promises to be a year of explosive growth for the Exchange.'