UNITED STATES June 02 2016 7:39 PM
NEW YORK (Scrap Register): CME Group has reported that trading volume in metals rose sharply both year-on-year and month-on-month during May.
The exchange operator said that metals volume averaged 479,000 contracts per day in May, up 42% from 337,000 in the same month a year ago. Gold futures average daily volume surged by 52% year-on-year to 286,000 lots daily, while silver futures average daily volume climbed 27% to 57,000 contracts.
Copper futures and options average daily volume rose by 35% year-on-year to 73,000 contracts per day. CME Group reports there were five open interest records for copper futures during the month, including the most recent record of 217,128 contracts on Tuesday.
Sequentially, the average metals volume of 479,000 contracts daily in May was up by 9% from 440,000 in April.
Meanwhile, average volume was 462,000 daily on a three-month rolling basis. The three-month averages had been at 464,000 for the period ending in April, 454,000 for the period ending in March and 381,000 for the period ending in February.