Aluminium futures volume and open interest reach record levels in February, says CME

The Chicago Mercantile Exchange (CME), the world's largest derivatives marketplace, reported that participation in aluminium futures is likely to have a strong start in 2023. As per the reports, the average daily volumes (ADV) for aluminium futures in February recorded a four-fold Y-o-Y surge of 300 per cent to 3,161 contracts.

The average daily open interest of the 2,549 contracts hiked by 711 per cent Y-o-Y and is expected to last through 2024. According to the computation, about 79,025 tonnes of aluminium were traded on the CME's futures market in February. Each physically deliverable CME contract equals 25 metric tonnes.

"We are pleased to see that strong momentum in our Aluminum markets has continued into 2023, and we look forward to helping more participants across the base metals supply chain manage their risk effectively. In addition to strong volume and open interest growth, we also saw a record 166 unique users in February, which is up 186% over February of last year,” said Jin Chang, Managing Director and Global Head of Metals at CME Group.

"We have been closely following the substantial progress CME Group has made in growing Aluminum volume and open interest and building a robust alternative marketplace. We are assured by the customer protections and market controls CME Group has in place and are committed to trading and expanding our participation in their Aluminum contracts moving forward, helping support this important market growth,” stated Anant Jatia, Founder at Greenland Investment Management.