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The Metals Markets Are Still Roaring Along
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Metals trading volume on the New York Mercantile Exchange, Inc.,
appears to be heading towards its second consecutive record year, reminiscent
of the bull markets of the early 1980s, writes James E. Newsome, President
of the Exchange.
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| 01/03/2005 |
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COMEX merger anniversary
Coincidentally, the Exchange this year marked the 10th anniversary of its merger
with the Commodity Exchange, Inc. (COMEX), a union that created the largest physical
commodity futures exchange, a trading forum exclusively for strategic commodities
precious and base metals and energy.
The 2004 metals markets are among the strongest that have been seen since the
venerable COMEX gold, silver, and copper futures and options contracts joined
the Exchange energy, platinum, and palladium contracts under the auspices of a
single exchange on August 3, 1994. Aluminum futures and options were added to
the COMEX Division slate in 1999. Trading activity is up in nearly every category.
Metals futures volume through the third quarter of 2004 was running 20% ahead
of the first three quarters of 2003, a year that shattered long-standing records,
and options volume was up 25% for the same period. During 2003, for example, total
COMEX Division volume broke the record that had stood since 1987. Gold futures
volume, running 22% above last year through the third quarter, set a volume record
in 2003 that surpassed the mark set in 1982. Through the third quarter of 2004,
nearly every other contract in the metals complex also showed strong performance
over the year-ago period.
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