Aluminum futures contracts break records in Q3, marking sixth consecutive quarter of growth

CME Group’s (NASDAQ:) global Aluminum futures contract has set new records for the sixth consecutive quarter, with a notable surge in September. The contract’s average daily volume (ADV) for Q3 reached 4,656 contracts, representing a significant 98% increase from the previous year. September saw an even more substantial rise, with the ADV reaching a record 6,118 contracts, marking a 132% surge year-on-year. This information was announced by CME Group, headquartered in Chicago, via PRNewswire on Monday.

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.

Several industry leaders praised CME Group for its performance in the industrial metals market. Among them were Jin Hennig of CME Group, Jonathan Tulkoff of Commodity Asset Management, and Brian Hesse of PerenniAL Aluminum. John Love of USCF Investments expressed plans to invest in these contracts through their USCF Aluminum Strategy Fund (ALUM).

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 Aluminum futures are listed by COMEX and regulated by CME Clearing. Noteworthy is the occurrence of days with over 10,000 contracts traded. Furthermore, PerenniAL Aluminum announced that it will offer a CME Group Aluminum price reference in their 2024 contracts. This move underlines the growing influence and recognition of CME Group’s pricing in the industry.

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