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CME busheling contract hits high note in Jan

Feb 01, 2018 | 03:51 PM | Mei Ling Toh

Tags  busheling, ferrous scrap, futures, CME, CME Group, Mei Ling Toh

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

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