CME Group aims to start a North American aluminum futures contract in May, returning to the market after a four-year absence, the Wall Street Journal reported today.
The contracts, in 25-metric-ton lots, will begin trading on May 5 pending regulatory approval, the exchange operator said Tuesday. Based in Chicago, CME is one of the largest options and futures exchanges. It owns and operates large derivatives and futures exchanges in Chicago and New York as well as online trading platforms.
The cash price of primary aluminum traded sideways, keeping at $1,703 per metric ton on the LME on Friday. After a couple of days of decreasing prices on the LME, the 3-month price of aluminum held steady at $1,745. The cash price of primary Indian aluminum remained essentially flat.
Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap held steady. For the fifth consecutive day, the price of Chinese aluminum billet held flat. The price of Chinese aluminum bar was unchanged. The Chinese aluminum cash price steadied following two-days of dropping prices.