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Reuters reported that CME Group Inc. (NASDAQ:CME) plans to launch a zinc futures contract in June. The news outlet states that the move will intensify the “global battle for metals market share with the London Metal Exchange amid expanding Asian markets.”
Reuters reported that CME Group Inc. (NASDAQ:CME) plans to launch a zinc futures contract in June. The news outlet states that the move will intensify the “global battle for metals market share with the London Metal Exchange amid expanding Asian markets.”
As quoted in the market news:
CME’s announcement, which included a statement from JP Morgan Chase & Co expressing strong support for the move, said the new zinc contract will begin trading June 29. The first available U.S. delivery was targeted for October, pending regulatory reviews, CME said.
The statement did not explain JPMorgan’s role in the zinc contract, but a source familiar with the matter said JPMorgan ‘absolutely’ intends to provide liquidity on the new market, adding to its existing market-making activities on the LME.
A CME spokesman said the Wall Street bank, which sold most of its physical metals trading business last year, had ‘expressed an interest in participating in promoting the launch of the new contract.’