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CME Group, the world's leading derivatives marketplace, today announced that Aluminum Futures average daily volume is up 359% in Q3 to-date from Q1, reaching a record single-day volume of 6,709 contracts on Wednesday, September 14, 2022.
"We have seen an increase in demand from aluminum participants to enhance liquidity and create a more robust alternative market," said Jin Chang, Managing Director and Global Head of Metals at CME Group. "We are pleased with the incremental strides we have made in growing our global Aluminum Futures, with average daily volume of approximately 3,700 contracts so far in September and open interest of approximately 1,000 contracts. We welcome our new clients and look forward to helping them manage their price risk more efficiently."
"Participation in CME Group's aluminum futures market has grown considerably this year, offering manufacturers and distributors another viable tool to manage their exposure to aluminum prices," said Andy Massey, Vice President of Metals, Procurement and Transportation of U.S.-based Bonnell Aluminum. "Bonnell Aluminum has recently begun using CME Group contracts as a hedging tool to manage underlying aluminum price risk, and we will also be referencing CME Group's Aluminum Futures prices in our 2023 contracts for critical infrastructure markets. We appreciate the efforts by CME Group to further build these markets for the long-term health of our industry."
"Capital markets can effectively serve investors of all backgrounds when they provide them with a diverse toolkit of solutions that can manage risk, expand existing liquidity and offer more choices for achieving investment goals and objectives," said Hubert De Jesus, Managing Director, Global Head of Market Structure and Electronic Trading, BlackRock.
"CME Group provides efficient and orderly markets, which market participants depend on to manage their risk effectively," said Steven List, Managing Director of Trading at AlphaSimplex. "The recent growth in CME Group's Aluminum markets is a key milestone, offering more sources of liquidity to metals markets participants."
All 25 of the top 25 Aluminum Futures volume days have occurred since April of this year, with nearly 150 new accounts trading since May. Aluminum Futures (Product Code: ALI) are listed by and subject to the rules of COMEX. For more information, please visit here.
