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International derivatives marketplace CME Group Inc (NASDAQ:CME) today announced it will bolster its base metals offering with the launch of a new Aluminum A380 Alloy (S&P Global Platts) futures contract.
The new contracts are set to begin trading on June 6, 2016. Pending relevant regulatory review periods, the new contract will be available for trading on CME Globex, for submission for clearing through CME ClearPort, and will be listed with and subject to the rules and regulations of COMEX.
Young-Jin Chang, CME Group Executive Director of Metals Products, says,
“This new contract will provide our customers and market participants with an effective and transparent solution for hedging aluminum alloy price risk. Aluminum A380 Alloy futures will complement our diverse suite of physically delivered and financially settled aluminum futures and responds to commercial customer demand for a North American exchange-cleared hedging tool for managing their aluminum alloy risk.”
The new Aluminum A380 Alloy (S&P Global Platts) futures contracts join CME Group’s existing range of aluminum risk management tools, including its Aluminum MW U.S. Transaction Premium Platts futures, Aluminium European Premium Duty-Paid (Metal Bulletin) futures, Aluminium European Premium Duty-Unpaid (Metal Bulletin) futures, Aluminum Japan Premium (Platts) futures, and physically delivered Aluminum futures.
Aluminum A380 Alloy (S&P Global Platts) futures will be 44,092 pounds (equivalent to 20 metric tons) in size and will be financially settled against the S&P Global Platts assessment of the MW US A380 Alloy.
For the full announcement from CME Group, click here.