In the face of new competition in precious metals futures,
New York Mercantile Exchange (Nymex), posted volume records for
gold futures and took a small step toward increased electronic
trading of its metals complex.
Nymex reported last week it handled 1,780,714 gold futures
contracts in November, topping the previous high of 1,649,521
contracts in March 2004. Nymex also reported a daily volume
record of 210,108 contracts last Monday, surpassing the prior
record of 187,427 contracts on 28 September 1999.
The record volumes come in the wake of new full-sized gold
and silver futures contracts launched by Chicago Board of Trade
(CBoT) in October. The electronically-traded contracts are
expected by some to mount a serious challenge to the pit-traded
gold and silver contracts as expiry approaches later this
month. So far, however, there has not been a major volume
shift. On Nymex's record day, CBoT traded 3,074 mini gold
contracts and 1,699 full-sized gold futures. For November, CBoT
mini gold futures rose 124% from a year earlier to 56,180
contracts. Full-sized gold futures rose 109% percent from
October to 39,040 contracts.
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