CME Group Announces Record Copper Options Open Interest As Participation Grows Across Base Metals

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Rhea-AI Summary

CME Group has reported that open interest in Copper Options (HX) has reached a record high of 137,574 contracts as of January 18, 2023. Average daily volume (ADV) for Copper Futures and Options is currently 131,466 contracts, reflecting a 42% increase from 2022. Additionally, Copper Options ADV has surged by 410% year-over-year. This growth is attributed to market participants managing risks amidst recession concerns and China's easing of COVID-19 restrictions. Recent trading days have seen remarkable open interest increases, with January 11-18 showing record levels in Copper Options.

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Positive

Record open interest in Copper Options at 137,574 contracts.
Average daily volume for Copper Futures and Options up 42% compared to 2022.
Copper Options ADV increased by 410% year-over-year.

Negative

None.

News Market Reaction – CME

-0.86%

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-0.86% News Effect

On the day this news was published, CME declined 0.86%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

01/19/2023 - 01:26 PM

CHICAGO, Jan. 19, 2023 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that open interest in Copper Options (HX) has reached multiple, back-to-back records, reaching 137,574 contracts on January 18, 2023. Average daily volume (ADV) across the company's Copper Futures and Options complex is at 131,466 contracts month-to-date, up 42% from full-year 2022 ADV. Copper Options ADV is at 12,513 contracts month-to-date, up 410% over last year.

"As market participants navigate ongoing recession risk and China's easing of COVID-19 restrictions, they are increasingly using our Copper Options products to manage potential price moves," said Jin Chang, Global Head of Metals at CME Group. "The base metals industry is increasingly choosing to transact with CME Group for the transparent on-screen liquidity and around the clock access that our markets provide, and we are pleased with the growth we continue to see across our aluminum, copper and battery metals complex."

Five of the top five all-time open interest Copper Options (HX) records occurred over the last five trading days, including:

Wednesday, January 11: 119,842 contracts
Thursday, January 12: 125,914 contracts
Friday, January 13: 128,183 contracts
Tuesday, January 17: 133,234 contracts
Wednesday, January 18: 137,574 contracts

Global Aluminum Futures (ALI) are also off to a strong start this year, with ADV month-to-date currently at 3,096 contracts, up 85% from full-year 2022 ADV. Copper Options and Aluminum Futures are listed by and subject to the rules of COMEX. For more information, please visit here.

About CME Group
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.