CME to launch scrap futures contract Sept. 10
Aug 17, 2012 | 12:43 PM
| Anne Riley
Tags
scrap,
ferrous,
futures contracts,
AMM Midwest Ferrous Scrap Index,
CME,
Harriet Hunnable,
Nymex
NEW YORK — CME Group Inc. will launch on Sept. 10 its first-ever U.S. ferrous scrap futures contract, which will be based on AMM’s Midwest Ferrous Scrap Index for No. 1 busheling, the exchange announced Friday.
The new contract, which will be listed on the Nymex, will be financially settled against AMM’s new index, which was launched June 11 based on tonnage-weighted transaction data (amm.com, June 11).The CME’s new contract is intended to provide steelmakers and other market participants in the domestic market and around the world a way to mitigate their....
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