SSY Futures on Monday announced that it has arranged the first trade in Mid Western Aluminium Delivery Premium options. The trade was for 250 metric tonnes per month of the contract for settlement basis the third quarter of 2020 against an index published by Platts. The call option has a strike of 17c per pound, and was at a premium of half a cent per pound.
“SSY Futures Ltd is already well known as a leading aluminium premium broker, so we are delighted to be a part of the first options trade on Mid West Premium. As we continue our expansion into LME metals in the coming months this is another example of SSY working hard to offer our clients the full suite of metals products” said Ben Taylor, Senior Director of SSY’s metals team.
The trade will mitigate the risk on the delivery premium to the US Mid West of 750 metric tonnes of Aluminium during July, August and September; it is a cash-settled contract. The buyer and seller were leading commodity trade houses. The contract is listed and cleared by Comex, a division of The Chicago Mercantile Exchange.
SSY Futures Ltd is one of the largest Dry Bulk and Freight derivatives brokerages in the World, with brokers in London, Singapore and Stamford, US. SSY Futures specialises in iron ore, coking coal and steel derivatives as well as Forward Freight Agreements. It is a wholly-owned subsidiary of Simpson Spence Young.
Sea News, January 28
