CME Group recently said it will expand its base metals offering with the introduction of a new Aluminum A380 Alloy (S&P Global Platts) futures contract to begin trading on June 6.
Pending relevant regulatory review periods, the new contract will be available for trading on CME Globex, for submission for clearing through CME ClearPort, and will be listed with and subject to the rules and regulations of COMEX.
“This new contract will provide our customers and market participants with an effective and transparent solution for hedging aluminum alloy price risk,” said Young-Jin Chang, CME Group Executive Director of Metals Products. “Aluminum A380 Alloy futures will complement our diverse suite of physically delivered and financially settled aluminum futures and responds to commercial customer demand for a North American exchange-cleared hedging tool for managing their aluminum alloy risk.”
China Admits Steel Overcapacity’s Not Falling
Massive overcapacity in China’s bloated steel industry is not yet falling, but protectionism is not the solution for problems facing the global steel industry, the country’s vice minister for industry said on Monday.
China is facing understandable anger and calls for trade penalties to block its exports from steel producers around the world, who say it is dumping cheap exports after a slowdown in demand at home.