NEW YORK — 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.
Mei Ling Toh