#Record trade in NZX dairy futures

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Trading on the NZX’s Dairy Futures market hit its highest level in July, surpassing the previous monthly peak by 25 per cent.
According to a statement released by the securities market operator today, 5225 lots were traded in the month, beating the previous record of 4175 established in March last year.
Activity was dominated by whole milk powder with 2310 lots traded, followed by skim milk powder with 2215 lots, and anhydrous milk fat with 700 lots.
Kathryn Jaggard, head of derivatives at NZX, said the figures highlighted the deepening liquidity on the exchange, which has established itself as one of the biggest dairy derivative markets in the world.
«The trading activity seen in June and July augurs well for the remainder of the year and we expect this activity will be further enhanced when NZX goes to extended trading hours, allowing greater access for traders in Europe and the US,» she said.
More than 50,000 lots have been traded since the platform launched, with a value of US$167 million (NZ$206m).
The NZX said open interest contracts, a measure of the depth and breadth of market activity, stand at 7434 lots, although it gave no indication of the number of cancellations.
NZX shares opened unchanged at $1.34 today, and have gained 14 per cent over the past 12 months.
Source:  Stuff

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