NEW YORK Crunch Risk LLC
traded contracts representing 1,400 gross tons on CME Group
Inc.s new No. 1 busheling futures contract Thursday, it
said, marking the first midsized trade for the fledgling
"This is the first sign of some
volume going through, as modest as it might be, and thats
a start. My sense is it will garner more and more interest,"
Crunch Risk chief executive officer André Marshall told
The Houston-based dealer/broker
said it traded 700 tons per month for November and December at
$357 per ton.
"There have been small screen
trades in this contract since its inception a few weeks back,
but this is the first sign of volume coming into the contract,
and the first trade done through CMEs Nymex ClearPort
vehicle," Marshall said in an e-mailed statement.
The new contract, which is
financially settled against AMMs Midwest Ferrous
Scrap Index for No. 1 busheling, launched on Sept. 10 and
logged its first trading activity on its first day (
amm.com, Sept. 11).
Thursdays trade marks
Crunch Risks first participation in the new contract, but
according to Marshall interest will likely pick up in the near
"Crunch Risk believes that the participation in this
contract on the nearby months will be significant, and forward
months have already garnered interest from customers," the