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IRON ORE DERIVATIVES WRAP: Prices remain rangebound; volumes drop

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May $141.50/143.50
June $139/140.50
Q3 2012 $137/138.50
Q4 2012 $134/135.50
Q1 2013 $130/132
2013 $126/129
2014 $115/119


Swaps
OTC iron ore volumes fell back on Friday May 4, with just a handful of trades reported to Metal Bulletin by brokers.

The Singapore Exchange (SGX), the OTC iron ore contract’s most popular clearing venue, cleared 168,000 tonnes of swaps on May 3, up from 155,000 tonnes cleared on May 2.

June traded outright at $138.50 and $139.25 per tonne, level with trades concluded the previous day.

The third quarter traded outright at $137.50 per tonne and as part of a carry trade with the fourth quarter in a backwardation of $3.25 per tonne.

A backwardation occurs when a forward contract is sold at a lower price than the spot, or prompt, price.

The Metal Bulletin Iron Ore Index (MBIOI) was calculated at $145.37 per tonne on May 4, down by 68 cents from the previous day.

Options
No options were reported traded on Friday.

Futures
Metal Bulletin iron ore futures volumes traded on the Singapore Mercantile Exchange (SMX) fell to 30,000 tonnes traded for May settlement on May 4, down from 37,000 tonnes traded on May 3.

Michelle Madsen
mmadsen@metalbulletin.com
Twitter: @mmadsen_mb

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