NEW YORK — Ferrous scrap futures recorded significant trading activity in January, thanks to a surge in deals seen toward the end of the month.
CME Group’s US Midwest No. 1 busheling ferrous scrap futures closed out January with 1,467 lots – or 29,340 gross tons – traded, according to American Metal Market’s calculations, based on CME’s final report from Wednesday January 31. More than one-third - 502 lots, or 34.2% - of those trades took place on January 25, CME data show.
The contract is settled against American Metal Market’s Midwest index for No. 1 busheling scrap.
Open interest on the contract stood at a total of 1,987 lots, or 39,740 gross tons, as of February 1. One lot of the contract, listed in 2012, represents 20 gross tons.
Mei Ling Toh