CHICAGO, July 20, 2016 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced that the first Aluminum A380 Alloy (S&P Global Platts) futures contracts were traded on Tuesday, July 19, 2016. A total of 50 futures contracts were traded across the August through December 2016 contract months.
"We're pleased to see early support for our new Aluminum A380 Alloy (S&P Global Platts) futures contract," said Young-Jin Chang, CME Group Executive Director, Global Head of Metals Products. "Working with the industry we believe we've introduced risk management tools that better reflect the way commercial customers price their physical contracts based on the Platts assessment of A380 alloy. This new contract provides our customers with an effective and transparent solution for hedging aluminum alloy price risk."
"We're excited to have traded these new aluminum A380 alloy contracts," said Andre Marshall, Founder, Crunch Risk, LLC. "We've seen a great deal of commercial interest in these new aluminum alloy contracts and are optimistic that this latest innovation from CME Group can replicate the growth and success of the Midwest and European contracts as participants become more familiar with using them to manage price risk in their business."
Aluminum A380 Alloy (S&P Global Platts) futures are 44,092 pounds (equivalent to 20 metric tons) in size and financially settled against the S&P Global Platts assessment of the MW US A380 Alloy.
For more information on CME Group's metals products, please visit www.cmegroup.com/metals.
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SOURCE CME Group