VIDEO: Coeur Mining to grow silver production with $1.7bn acquisition of Silvercrest
Adding Las Chipas makes Coeur a top silver producer in North America, with 21 million ounces of silver and 432,000 ounces of gold annually.
Commodities broker Marex will offer clients access to CME Group’s industrial metals contracts, beginning with aluminum, the two companies said on Tuesday.
The tie-up comes as CME expands its metals business and the London Metal Exchange (LME), the biggest trade hub, faces dissatisfaction from some traders after turmoil in its nickel contract in March.
Jin Chang, CME’s head of metals, said trading of its aluminum contract had tripled since the first quarter of the year and the partnership with Marex would bring new clients.
Privately owned Marex is one of eight dealers in the LME’s open-outcry trading ring and has grown rapidly in recent years, including by buying rival firm ED&F Man Capital Markets.
“We are leveraging our position as number one provider of liquidity on the LME and our status there to make sure we can cross-pollinate our clients into these new products,” said Marex President Simon van den Born.
He said some clients would prefer the simple monthly structure of CME futures contracts to the LME.
Chang said there had been an “incredible amount” of inquiries from the market about CME’s metals contracts since March.
Reuters reported in May that CME was considering a nickel contract. Chang did not say whether or when one would be launched.
(By Peter Hobson; Editing by David Goodman)
Comments
Zaffar Ahmad Malik
What will market trends LME & Shanghai Metal Exchange