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After unveiling an expansion to its base metals offering in November 2015, international derivatives marketplace CME Group Inc (NASDAQ:CME) on Monday announced that the first Aluminum Japan Premium (Platts) futures contracts were traded on January 8, 2016. A total of 622 futures contracts were traded.
The Aluminum Japan Premium (Platts) futures contract is 25 metric tonnes in size and is cash-settled referencing the Platts CIF Japan Spot Premium for Aluminum. The contract is listed with and subject to the rules and regulations of COMEX.
Young-Jin Chang, Senior Director of Metals Products, CME Group, said,
“We are pleased to see some early support for our Aluminum Japan Premium futures contract. This new futures contract complements our U.S. and European aluminum premium futures contracts along with our North American physical aluminum contract, and we now have a global suite of aluminum products to better address our customers’ risk management needs.”
Andre Marshall, Founder, Crunch Risk, LLC, added,
“We’re excited to have traded this new Japanese premium futures contract. We’ve seen real industry appetite for all of these new aluminum premium contracts and we’re optimistic that this latest futures contract can follow the success of the Midwest and European contracts as participants become more familiar with using them to manage price risk in their business.”
You can view the official announcement from CME by clicking here.