NYMEX Reschedules Aluminum Futures and Options Launch

The New York Mercantile Exchange board of directors has agreed to reschedule the launch of aluminum futures trading from Friday, April 16, to Friday, May 14. Aluminum options trading will begin trading in July. NYMEX ACCESS(SM) trading will commence on Sunday, May 16, for May 17 trading session. The new date will enable the aluminum market to have the opportunity to become more familiar with the specialist market maker program. The specialist market maker program was conceived in order to ensure initial liquidity in new contracts. AIG International Inc. will be the specialist market maker for aluminum. Further, the new date will provide the market with additional time to arrange for deliverable metal to be in place at Exchange approved warehouses. The board also approved four warehouse facilities as delivery locations for the contract: Morton Avenue Warehouse in Evansville, Indiana; the Owensboro Riverport Authority in Owensboro, Kentucky; the R.J. Corman Railroad Construction, LLC in Clarksville, Tennessee and South Union, Kentucky. Exchange President R. Patrick Thompson said, 'There is a great deal of excitement amongst the aluminum and brokerage industries regarding this contract and we felt it was essential that everyone be as prepared as possible so that trading can begin in full force on day one and liquidity can be established early on.'