CME Group: Aluminum Contracts Extended Growth Momentum in 2023
The participation of traders in the Aluminum futures market hit record highs in 2023.
SEATTLE (Scrap Monster): The CME Group, in its latest report, noted that aluminum futures and option contracts extended growth momentum in 2023, building on the momentum from the prior year.
The volumes surged, while the open interest levels too recorded increase during the year. The 2023 average daily volume (ADV) in aluminum futures surged higher significantly by over 190% over the previous year. This is the third straight year of surge in ADV. Also, the average daily open interest skyrocketed by 350% year-on-year. The open interest in the contract touched a record high of 5,396 on 3rd November.
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The participation of traders in the Aluminum futures market hit record highs in 2023. The number of participating traders totalled around 600, considerably higher upon comparison with 357 traders in the year before that. The Aluminum futures gained increased popularity as an investment and hedging tool.
Aluminum was added to its family of volatility indices by the CME Group Volatility Index (CVOL) during the previous year. Also, in early October 2023, the United States Commodity Fund (USCF) announced the launch of the USCF Aluminum Strategy Fund (ALUM).
The CME Group expanded its global warehousing network in 2023 with the addition of Gwangyang and Busan in the Republic of Korea as approved delivery locations.
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