Wednesday, 05 Oct 2011
Reuters the exchange said reflecting strong interest in the cash-settled hedging tool that the volume of iron ore futures contracts traded on the Singapore Mercantile Exchange reached 1.1 million tonnes in September.
SMX owned by India Financial Technologies, introduced its cash settled iron ore futures contract on August 12. The contract is the world first dollar-priced iron ore futures open to global investors seeking to hedge prices of the steelmaking ingredient.
Last month trading volume represents a fourth of the volume of iron ore forward swaps cleared by rival Singapore Exchange in August which at a record 4.3 million tonnes comprised around two thirds of the global total.
SGX which launched its iron ore swaps in April 2009 said separately on Tuesday that volumes dropped to 7,957 lots in September equivalent to 3.98 million tonnes from 8,564 lots in August.
The world biggest buyer of iron ore, SMX said in a statement that there has been active interest in the SMX contract from players in physical and financial markets including traders based in China
Mr Vaidyalingam Hariharan SMX interim chief executive said in the statement that "Based on the response that the iron ore futures contract is receiving we are confident of creating a robust benchmark for the iron ore industry."
The shift to quarterly pricing for iron ore contracts from annual pricing since April last year spurred interest in hedging instruments as mills and traders managed their costs against spot prices IODBZ00-PLT which have tripled since late 2008.
(Sourced from Reuters)
Showing posts with label iron ore futures. Show all posts
Showing posts with label iron ore futures. Show all posts
Wednesday, October 5, 2011
Tuesday, August 23, 2011
Singapore SMX iron ore futures see small volumes
Tuesday, 23 Aug 2011
Reuters reported that volumes traded on the Singapore Mercantile Exchange's iron ore futures remained thin a week after the bourse launched the contract with market participants opting for widely traded swaps instead.
SMX owned by India's Financial Technologies introduced its cash settled iron ore futures contract on August 12, hoping to tap into a growing market to hedge prices of the steelmaking raw ingredient.
From two lots traded on the launch date, volume rose as high as 38 lots on Tuesday. Volumes reached 36 lots by 0909 GMT on Friday.
The most traded August iron ore contract stood at USD 177.50 a tonne, after closing at USD 177.80 on Thursday. It began trading at USD 177 on August 12.
A Singapore based iron ore trader said that "It will take some time before people start trading it. More people are into swaps and I don't think many people are even aware about SMX's iron ore futures.”
(Sourced from Reuters)
Reuters reported that volumes traded on the Singapore Mercantile Exchange's iron ore futures remained thin a week after the bourse launched the contract with market participants opting for widely traded swaps instead.
SMX owned by India's Financial Technologies introduced its cash settled iron ore futures contract on August 12, hoping to tap into a growing market to hedge prices of the steelmaking raw ingredient.
From two lots traded on the launch date, volume rose as high as 38 lots on Tuesday. Volumes reached 36 lots by 0909 GMT on Friday.
The most traded August iron ore contract stood at USD 177.50 a tonne, after closing at USD 177.80 on Thursday. It began trading at USD 177 on August 12.
A Singapore based iron ore trader said that "It will take some time before people start trading it. More people are into swaps and I don't think many people are even aware about SMX's iron ore futures.”
(Sourced from Reuters)
Wednesday, January 26, 2011
Singapore's SMX says plans to launch iron ore futures in Q2
Wednesday Jan 26, 2011
SINGAPORE Jan 26 (Reuters) - The Singapore Mercantile Exchange is expecting to launch an iron ore futures contract in the second quarter, its chief executive said on Wednesday.
"Core aspects of the SMX iron ore futures contract have been finalized in conjunction with MAS (Monetary Authority of Singapore) and industry feedback for anticipated launch in Q2 2011,"
Thomas McMahon said in an emailed response to a Reuters query.
Singapore and India are racing to launch the world's first iron ore futures contract. The Indian Commodity Exchange said on Tuesday it was planning to launch an iron ore futures contract in a month, after securing approval of the commodity regulator. (Reporting by Manolo Serapio Jr.; Editing by Ed Lane, sourced :reuters)
SINGAPORE Jan 26 (Reuters) - The Singapore Mercantile Exchange is expecting to launch an iron ore futures contract in the second quarter, its chief executive said on Wednesday.
"Core aspects of the SMX iron ore futures contract have been finalized in conjunction with MAS (Monetary Authority of Singapore) and industry feedback for anticipated launch in Q2 2011,"
Thomas McMahon said in an emailed response to a Reuters query.
Singapore and India are racing to launch the world's first iron ore futures contract. The Indian Commodity Exchange said on Tuesday it was planning to launch an iron ore futures contract in a month, after securing approval of the commodity regulator. (Reporting by Manolo Serapio Jr.; Editing by Ed Lane, sourced :reuters)
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