CME Group Announces First Trades of New Aluminium European Premium Duty-Paid (Metal Bulletin) Futures
CME Group announced that the first Aluminium European Premium Duty-Paid (Metal Bulletin) futures contracts were traded on Thursday, March 24, 2016. A total of 96 futures contracts were traded, equalling 2,400 metric tons.
“We are pleased to see early support for our Aluminium European Premium Duty-Paid (Metal Bulletin) contract,” said Young-Jin Chang, CME Group Executive Director of Metals Products. “Our new Aluminium European Premium Duty-Paid contract responds to commercial customer demands for a solution to manage their premium price risk and complements our existing suite of aluminium risk management tools.”
“The European Premium Duty-Paid contract was the missing building block in the Premium markets,” said Samuel Marque, Head of Metals Trading at UniCredit. “We see it as an important tool to diversify our sources of liquidity in a market that was mostly OTC and dominated by a small number of players. We applaud CME Group for being first to market this new contract and are pleased to be in a position to facilitate its launch.”
The Aluminium European Premium Duty-Paid (Metal Bulletin) futures are 25 metric tons in size and are financially settled against the Metal Bulletin assessment of duty-paid aluminium spot price transactions in Europe. The contract is listed with and subject to the rules and regulations of COMEX.
Source: CME Group
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