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Open interest on the CME Group's north European hot-rolled coil contract hit another record level on Tuesday, as daily traded tonnage also reached a new high.
Open interest soared by 890 lots to 5,701 lots, the equivalent of 114,020t, and the first time it has ever surpassed 100,000t. A record 1,031 lots traded on Tuesday, equating to 20,620t.
August is also a new record month for volumes, with 118,010t trading as of 15:29 BST, far surpassing the previous record of 67,560t set in June. So far this year 477,140t have traded, compared with 277,020t for the whole of 2021, an increase of more than 72pc with four months of trading left.
This month a number of buyers — likely to be in the wind turbine supply chain — have bought futures as they have been cheap relative higher physical offers for long-term contracts. Some financial participants have also been buying in expectation of a firmer physical market on the back of steep energy costs, sources suggest.
A number of large European physical participants are now trading the contract, primarily via banks.
argusmedia
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