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CME Group to launch a new lumber futures contract to ease price volatility and boost trading volume
Posted on August 1, 2022 |
- On August 8, CME Group will launch a new lumber futures contract to promote deliveries and draw in more participants, smoothing out prices with several changes.
- Trucks will also be allowed to fulfill contracts, as a truck carries lumber for 2 houses, while a railcar carries for 8 houses, and with the new futures contract, more buyers will be able to avoid smaller projects that didn't fit the old contract's sizing.
- As a result, it could increase lumber trades by eight or 10 times as more and more lumber futures observers become confident lumber futures traders.
- The lumber purchased via the new contracts will arrive in Chicago rather than a distant Canadian outpost, providing a central trade destination that is accessible to a wider range of buyers and CME's new specifications will also allow for new types of lumber, including eastern species of spruce, pine, and fir.
Image: Business Insider(India)