PITTSBURGH — CME Group's Midwest No1 busheling ferrous scrap futures trading volumes surged on Friday April 12, with 650 lots (13,000 gross tons) sold, a daily report from the exchange showed.
Prices were mixed, though, with the May-October contracts settling higher while November 2019-April 2020 drifted lower from the previous trading day and the May-June 2020 contracts were unchanged.
After a one-day hiatus, daily trading resumed on April 10 and gained further momentum with a 97-lot sale the following day.
Three batches containing 100 lots each, set to expire from January-March 2020, shed $3 to settle at $330 per ton, $328 per ton and $327 per ton. Another 100 lots expiring in April 2020 traded down by $5 at $325 per ton and two batches containing 100 lots each that will expire in May-June 2020 settled at $325 per ton, unchanged from the previous day.
Meanwhile, 50 lots set to expire in May 2019 traded up by $2 per ton at $347 per ton. One lot expiring in November traded down by $1 per ton at $340 per ton and two lots expiring in December sold down by $8 per ton at $332 per ton.
CME's busheling futures are underpinned by Fastmarkets AMM's No1 busheling domestic Midwest Index, which settled at $350.50 per ton in April, down from $372.32 per ton in March.
Open interest on the contract stood at 3,654 lots, or 73,080 gross tons, at the close on April 15.
Mei Ling Toh