CME: To Launch Iron Ore Swap Futures Trading From July 11

U.S.-based CME Group Inc (CME) Monday announced the launch of trading and clearing services for iron ore swap futures with 62% ferrous content delivered into China, freight and insurance included.

Trading will begin on July 11 for the first traded date of July 12 and contracts will be listed on the New York Mercantile Exchange and cleared through Clearport.

The commodity code for the new contract will be TIO. It will be listed for 24 consecutive months, with August 2010 as the first listed contract month. The contract will be 500 dry metric tons in size, with a minimum price fluctuation of $0.01 per tick.

Joe Raia, CME Group managing director of energy and metals products and services, said: "This contract complements 12 dry freight futures that we launched earlier this month, and furthers our goal of building a complete marketplace for seaborne dry freight products, providing risk management tools across the full ferrous production cycle.

Iron ore is a key raw material used in steelmaking and China is the world's largest consumer of the mineral.

Company website: http://www.cmegroup.com

-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com

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