PITTSBURGH The scrap futures market continues to struggle to gain momentum, with no real positions taken on the contract since July.
After posting three consecutive months of no trades, Novembers trading volumes for CME Group Inc.s U.S. Midwest No. 1 busheling ferrous scrap futures contract totaled two lots equivalent to 40 tons.
The small position was taken by a party who is interested in testing the market to better understand how it works, one futures player said.
The CME contract is based on AMMs Midwest Ferrous Scrap Index for No. 1 busheling, which settles on the 10th of each month. The December index settled at $436.37 per ton, up 1.2 percent from $431.18 per ton in November.
Decembers bids are at $430 per ton and offers at $445. This compares with $405 and $420 per ton, respectively, in November. Januarys bids are at $420 per ton and offers are at $430 per ton.