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CME busheling futures log 87-lot sale

May 31, 2019 | 10:13 AM | New York | Mei Ling Toh

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

Trading volumes of CME Group's Midwest No1 busheling ferrous scrap futures surged on Thursday May 30 with 87 lots - or 1,740 gross tons - mostly sold at improved prices, a daily report from the exchange showed.

Twelve lots expiring in July and 14 lots expiring in August sold at $320 per gross ton. The July expiry contracts were up $1 per ton, while the August-expiry contracts fell by $4 per ton. Another 12 lots expiring in September and 11 lots expiring in October traded at $323 per ton, both unchanged from the previous day.

Contracts set to expire in November 2019-May 2020 were selling at $324 per ton.

Fifteen lots for November expiry settled up by $1 per ton, while 13 lots for December expiry traded up by $4 per ton. Two lots each for expiry in January 2020 and February 2020, 4 lots for March 2020 expiry, and 1 lot each for April 2020 and May 2020 expiry all settled up by $4 per ton.

Open interest on the contract stood at 3,650 lots - or 73,000 gross tons - at the close on May 30.

CME's busheling futures is underpinned by Fastmarkets AMM's No1 busheling domestic Midwest index, which settled at $312.25 per ton in May, down from $350.50 per ton in April. The next settlement is scheduled for June 10.


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