CME Group has announced the first trades of its new Physically Delivered Cocoa futures contract (contract code CCP), which were launched yesterday on its European exchange, CME Europe.
A total of 240 contracts traded through four delivery months out to March 2016, with most trades taking place in the new-crop December 2015 and March 2016 contracts.
"After 18 months of working with the industry, we believe we have launched cocoa contracts that address many of the unmet needs identified by commercial market participants," says Jeffry Kuijpers, Executive Director, Agricultural Products, CME Group. "CME Group has a long tradition of offering and managing effective, physically delivered risk management tools for the commercial hedger. We are excited to see early industry support for our new euro-denominated cocoa futures contract on day one."
