CME plans physical aluminum futures contract

Mar 18, 2014 | 11:58 AM | Andrea Hotter

Tags  CME Group, aluminum futures contract, London Metal Exchange, LME, aluminum, Garry Jones, Harriet Hunnable, Tim Weiner MillerCoors Global

NEW YORK — CME Group Inc. plans to launch a North American physically delivered aluminum futures contract starting May 5, pending regulatory approval.

The contract will be 25 tonnes in size and will be available for trading on the floor and electronically via CME Globex, as well as submission for clearing through CME ClearPort. It will be listed by and subject to Comex rules.

The contract is being introduced at a time when Midwest premium prices have increased more than 50 percent since the start of the year.

Market participants have been clamoring for a way to hedge the physical component of their risk management exposure following a dramatic rise in premiums over the past few years. The London Metal Exchange is looking at possible contracts, although it has not yet committed to a launch.....

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