UNITED STATES March 31 2016 8:31 AM     

CHICAGO (Scrap Register): CME  Group has announced that the first Aluminium European Premium Duty-Paid (Metal  Bulletin) futures contracts were traded on Thursday, March 24, 2016.  A total of  96 futures contracts were traded, equalling 2,400 metric tons.

"We are  pleased to see early support for our Aluminium European Premium Duty-Paid (Metal  Bulletin) contract," said Young-Jin Chang, CME Group Executive Director of  Metals Products.  "Our new Aluminium European Premium Duty-Paid contract  responds to commercial customer demands for a solution to manage their premium  price risk and complements our existing suite of aluminium risk management  tools."

“The European Premium Duty-Paid contract was the missing building  block in the Premium markets," said Samuel Marque, Head of Metals Trading at  UniCredit.  "We see it as an important tool to diversify our sources of  liquidity in a market that was mostly OTC and dominated by a small number of  players.  We applaud CME Group for being first to market this new contract and  are pleased to be in a position to facilitate its launch."

The Aluminium  European Premium Duty-Paid (Metal Bulletin) futures are 25 metric tons in size  and are financially settled against the Metal Bulletin assessment of duty-paid  aluminium spot price transactions in Europe. The contract is listed with and  subject to the rules and regulations of COMEX.