(Reuters) - Futures exchange operator CME Group Inc (NASDAQ:CME) on Friday said average daily volumes in aluminium futures have surged 359% in the third quarter to date from the first quarter, hitting a single-day record of 6,709 contracts on Sept. 14.
All of the top 25 aluminium futures volume days have occurred since April, with nearly 150 new accounts trading since May, the CME said in a statement.
Aluminium prices on the London Metal Exchange hit a record high of $4,073.50 a tonne in early March on supply scarcity due to Russia's invasion of Ukraine. But prices have fallen by more than 40% since after. [MET/L]
"We have seen an increase in demand from aluminium participants to enhance liquidity and create a more robust alternative market," said Jin Chang, managing director and global head of metals at CME Group.
The daily volume of CME's aluminium futures has averaged about 3,700 contracts in September, with open interest around 1,000 contracts, Chang said.