CHICAGO, March 14,
2023 /PRNewswire/ -- CME Group, the world's leading
derivatives marketplace, today announced the first trades of
Molybdenum Oxide (Platts) futures. A total of 90 contracts were
traded on March 13, 2023, with open
interest extending out to February
2024.
"We are pleased to see early interest and support for the new
Molybdenum futures, which is the latest product designed to help
participants manage the risks associated with the energy
transition," said Jin Chang,
Managing Director and Global Head of Metals at CME Group.
"Molybdenum has many applications, including to enhance the
performance of steel, and demand for the material is expected to
rise as production of clean power technologies ramps up. Molybdenum
futures will allow for the industry to hedge against increasingly
volatile prices, while also providing important price signals in an
emerging market."
"We are pleased that CME Group has introduced Molybdenum
futures. Demand by and large is expected to grow, in particular
demand from clean energy sectors such as wind, hydrogen, and other
green technologies is on the rise," said Hector Silva Head of Molybdenum Trading at
Glencore. "Glencore is excited to participate in these markets,
which will help create more price discovery in areas essential to
the green transition."
"We see the launch of Molybdenum futures as another important
milestone in the global transition to cleaner sources of energy,
where Traxys is playing a critical role today," said Daniel Katz, Head of Molybdenum Trading at
Traxys. "We are already an active participant in CME Group's Cobalt
and Lithium markets as demand for electronic vehicles continue to
increase and we look forward to helping Molybdenum markets grow,
which will better serve our customers and suppliers in these
emerging areas."
Molybdenum futures have a contract size of 1,322.77 pounds, the
equivalent of 60% of one metric ton, which reflects standard
trading terms in the physical molybdenum market. Molybdenum futures
are financially-settled to the Platts Molybdenum Oxide Daily Dealer
(Global) assessment, which is the key industry reference point for
pricing molybdenum oxide and associated downstream products across
the supply chain.
Molybdenum futures are listed by and subject to the rules of
COMEX. For more information and for full contract specs, please
visit here.
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.
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These trademarks have been licensed for use by Chicago Mercantile
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CME-G
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SOURCE CME Group