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Busheling futures surge in early February

Feb 07, 2018 | 01:19 PM | Thorsten Schier

NEW YORK — CME Group’s US Midwest No. 1 busheling ferrous scrap futures contract has traded 1,025 lots - or 20,500 gross tons - so far during the week beginning February 5, according to American Metal Market calculations. 

According to CME data, 450 lots were traded on February 5 and 575 lots on February 6. So far in February, 1,250 lots - or 25,000 gross tons - have traded. January set a new monthly record at 1,467 lots - or 29,340 gross tons.

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 2,542 lots - or 50,840 gross tons - as of CME's February 6 preliminary report. One lot of the contract, listed in 2012, represents 20 gross tons.

Thorsten Schier