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.