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Aluminum futures soar in Q3, achieving record-breaking growth for the sixth straight quarter.

Aluminum Futures Contracts Set New Records for Sixth Consecutive Quarter

CME Group’s Aluminum futures contract continues to break records

CME Group’s global Aluminum futures contract has achieved remarkable growth, setting new records for the sixth consecutive quarter. The contract experienced a surge in September, contributing to its impressive performance. This information was announced by CME Group, headquartered in Chicago, via PRNewswire on Monday.

Significant increase in average daily volume

The contract’s average daily volume (ADV) for Q3 reached 4,656 contracts, representing a significant 98% increase from the previous year. September witnessed an even more substantial rise, with the ADV reaching a record 6,118 contracts, marking a 132% surge year-on-year. The Aluminum futures contract is gaining momentum and attracting more traders.

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Remarkable growth in average daily open interest

The average daily open interest (ADOI), another crucial measure of market activity, also witnessed a remarkable increase in Q3. The ADOI grew by an extraordinary 267% compared to last year, further highlighting the robust growth and increased activity in the Aluminum futures contract. This surge in open interest indicates growing investor confidence and engagement in the market.

Industry leaders praise CME Group’s performance

CME Group has received acclaim from industry leaders for its outstanding performance in the industrial metals market. Jin Hennig of CME Group, Jonathan Tulkoff of Commodity Asset Management, and Brian Hesse of PerenniAL Aluminum are among those who have praised the company. Additionally, John Love of USCF Investments expressed plans to invest in these contracts through their USCF Aluminum Strategy Fund (ALUM).

Record-breaking performance extends beyond Aluminum futures

In addition to the record-breaking performance of the Aluminum futures contract, other commodities also reported significant growth. Record highs were reported for options ADV and ADOI, Copper futures ADV, and Lithium Hydroxide futures. Cobalt futures ADV also saw a considerable increase. The overall market activity in the commodities sector is experiencing positive momentum.

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Increasing influence of CME Group’s pricing in the industry

The Aluminum futures contract, listed by COMEX and regulated by CME Clearing, has gained significant traction in the market. Noteworthy is the occurrence of days with over 10,000 contracts traded, indicating strong market participation. Furthermore, PerenniAL Aluminum announced that it will offer a CME Group Aluminum price reference in their 2024 contracts, showcasing the growing influence and recognition of CME Group’s pricing in the industry.

This article provides insights into the remarkable growth and performance of CME Group’s Aluminum futures contract. As the contract continues to break records and attract more traders, it demonstrates the strength and potential of the industrial metals market. The increased activity and growing investor confidence are positive indicators for the future of the Aluminum futures contract and the broader commodities sector.

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