On Friday, futures exchange operator CME Group Inc (NASDAQ: CME) stated that average daily volumes in aluminium futures had risen 359 per cent in the third quarter to date from the first quarter. It hit a single-day record of 6,709 contracts on September 14.The CME has reported that the top 25 aluminium futures volume days have occurred since April, with nearly 150 new accounts trading since May.

On the London Metal Exchange, aluminium prices hit a record high of USD 4,073.50 a tonne in early March on supply scarcity due to Russia’s invasion of Ukraine. However, prices have dropped by more than 40 per cent since then.

CME Group’s global head of metals, Jin Chang, has said that CME has seen a jump in demand from aluminium participants for enhancing liquidity and creating a more robust alternative market. He further said that the daily volume of CME’s aluminium futures averaged about 3,700 contracts in September, with an open interest of around 1,000.

Founded in 1848, CME Group Inc is the world’s largest financial derivatives exchange. Headquartered in Illinois, it trades in currencies, energy, interest rates, agricultural products, metals, stock indexes and cryptocurrencies futures.