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After experiencing the biggest trading month in July 2013 since its launch, NZX Dairy Futures has continued to break volume records, registering its largest trading day on 2 August 2013, exceeding the previous daily high recorded in March 2012.
Total volume traded by NZX Dairy Futures since launch now exceeds 50,000 lots.
Kathryn Jaggard, NZX Head of Derivatives, commented: "Once again participants are showing their confidence in the market, trading larger volumes across all products and in further out contract months. Whole Milk Powder Futures are currently quoted out to April 14 and all products are showing good depth and liquidity.”
"The NZX products are doing remarkably well in their growth lifecycle with open interest now sitting at around 9,000 lots, and volumes now on target to exceed 2012 trading levels."
Robert Chesler, Vice President Food Division, of NZX Clearing Participant INTL FCStone commented: "All markets take differing amounts of time and outside factors to develop. NZX Dairy Futures has cemented itself in the marketplace and has now hit a stride of strong growth, amid increased price volatility which isn't going away, and requires proper management with products such as NZX are offering."
NZX Dairy Futures are attracting more participants from Europe, the US and Asia, as stakeholders in the dairy supply chain look to viable risk management tools to mitigate volatility.
