Singapore Exchange says May iron ore derivatives volume hit record high on price fall
SINGAPORE, June 3 (Reuters) - The volume of iron ore derivatives on the Singapore Exchange (SGX) reached a record high of 50.2 million tonnes in May when the price of the raw material fell below $100 a tonne for the first time since September 2012, the exchange said on Tuesday.
SGX, which clears more than 90 percent of globally traded iron ore swaps, said the total volume of derivatives for January to May reached 205.4 million tonnes, up 113 percent from a year earlier.
The cash-settled swaps accounted for 65 percent of the year-to-date volume.
Iron ore .IO62-CNI=SI slumped below $100 a tonne on May 19 and has traded below that level as growth in supply outpaced demand by top importer China. The price fell as low as $91.80 a tonne on Friday, its weakest since September 2012. (Reporting by Manolo Serapio Jr.; Editing by Clarence Fernandez)
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