(Reuters) - The CME Group’s COMEX copper contract CME.N has eaten into its larger rival the London Metal Exchange’s share of the burgeoning and increasingly competitive global futures market in the first fourth months of this year.
The New York contract took 13.5 percent of global copper futures trade measured by metric tons between January and April this year, up from almost 12 percent last year and double its share from just three years ago. Total global trade includes the Shanghai Futures Exchange (SHFE), which is closed to many outside investors.
The SHFE has also risen to prominence as China has grown into the world’s largest consumer, accounting for 40 percent of global demand. The LME’s copper contract, launched 135 years ago, is considered the global pricing benchmark.
Reporting By Josephine Mason; Editing by Ed Davies