Press Release
gC ICE NEWC Futures trade over 5M tonnes in April
LONDON (UK) AND SINGAPORE - 1st May 2009
globalCOAL announced today that the gC ICE Newcastle Futures contract broke all previous monthly record volumes by trading 5,095 lots in April, representing over 5 million tonnes of coal.
Traded volume in the Newcastle contract has grown steadily since the product's launch in December 2008, but the month of April saw this growth accelerate considerably with a gain of 10.4% on the previous month.
A total of 54,450 lots of ICE coal Futures, equivalent to more than 54 million tonnes of coal, transacted through the ICE platform in April. Open interest in the ICE coal Futures contracts grew significantly over the period, and stood at 51,238 lots as of 29 April - an increase of 12.3% against last month's close.
Eoghan Cunningham, CEO of globalCOAL said: "We are delighted to have experienced such a strong month for the gC ICE Newcastle contract. The participation of new players, including some based in the Asia-Pacific region, has strengthened liquidity and will continue to encourage yet more traders to join the market."
ICE Futures Europe's coal Futures offering currently consists of three financially-settled Futures contracts for Rotterdam, Richards Bay and Newcastle, providing coal market participants with unparalleled opportunities for risk management, trading and arbitrage. globalCOAL and ICE are currently developing a fourth contract to be launched in 2009: a Futures contract for the Atlantic market with physical settlement at North-West European ports.
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