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CME busheling futures see daily trading

Feb 11, 2019 | 01:02 PM | New York | Mei Ling Toh

Tags  CME Group, No1 busheling, ferrous scrap, scrap futures, scrap prices, Mei Ling Toh

CME Group's Midwest busheling ferrous scrap futures contract logged five consecutive days of trading with 15 lots and 57 lots respectively sold on Thursday February 7 and Friday February 8, a daily report by the exchange showed.

A total of 493 lots – or 9,860 gross tons – traded during the week ended February 8, according to Fastmarkets AMM's calculation.

During Friday's trade, quotes on contracts set to expire between February and October fell by $3-10 per gross ton - with the exception of August, which remained unchanged.

One lot for February expiry traded down by $10 at $347 per gross ton, and 11 lots for March expiry and 15 lots for April expiry both traded down by $3 - settling at $370 per ton and $373 per ton, respectively. Meanwhile, 11 lots for May expiry and 13 lots for June expiry both settled down by $4 - at $374 per ton and $372 per ton, respectively.

Another 4 lots set to expire in July traded down $3 at $368 per ton; 1 lot for expiration in September and 1 for October expiry settled down by $5 and by $6, respectively, at $346 per ton and $345 per ton.

CME's busheling futures is underpinned by Fastmarkets AMM's No1 busheling domestic Midwest Index, which stood at $372.11 per gross ton in January. The next settlement is scheduled for Monday February 11.

Open interest for the contract stood at 4,175 lots - or 83,500 gross tons - at the close on February 8.


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