Commodity Exchange Inc. (COMEX)


Co
mmodity Exchange Inc. (COMEX) was founded in New York in 1933. It became the leading gold futures and options exchange after its gold futures contract was launched on 31 December 1974 the date after which Americans were again permitted to hold gold after more than 40 years. Options on gold futures were then launched in 1982. COMEX also trades silver.


Action on the COMEX floor (Credit: courtesy COMEX)

Its precious metals volume exceeds that of all other futures exchanges put together and it attracts world-wide participation, with many traders in Europe, the Middle East and East Asia remaining in their offices until COMEX closes. This gives COMEX unique liquidity, which in turn is much of the reason for its success. Trading hours reflect this and the exchange has opened progressively earlier to suit overseas clients.

Trading hours futures and options: 8.20 am to 2.30 pm New York time.

After hours futures trading is also available on the NYMEX ACCESS SM electronic trading system, beginning at 4.00 pm on Monday to Thursday and concluding at 7.00 am the following day. On Sundays the electronic session begins at 7.00 pm. All times are New York time.

In 1994, COMEX merged with the New York Mercantile Exchange (NYMEX) and is officially the COMEX division of NYMEX, but it is always referred to as COMEX .

COMEX Futures

.
Turnover (100 oz contracts,
period total)
Open Interest (100 oz contracts,
end period)
Annual contracts: .
1995
7.78 million 142,179
1996
8.90 million 109,805
1997
9.94 million 177,770
1998
8.99 million 162,912
1999
9.58 million 155,914
2000
6.64 million 111,307
2001
6.79 million 114,963
2002
9.02 million 206,914
Monthly contracts:
2003/01
1.23 million 234,148
2003/02 1.01 million 190,827
2003/03 0.99 million 171,267
2003/04 0.67 million 174,528
2003/05 1.61 million 200,570
2003/06 0.82 million 184,171
2003/07 1.19 million 219,032

 

COMEX Options

.

Turnover (contracts of 100 oz, period total)

Annual

1995

2.0 million

1996

2.1 million

1997

2.1 million

1998

1.9 million

1999

2.8 million

2000
2.1 million
2001
2.0 million
2002
1.9 million
Monthly
2003/01
0.3 million
2003/02
0.3 million
2003/03
0.3 million
2003/04
0.2 million
2003/05
0.3 million
2003/06
0.3 million
2003/07
0.4 million

COMEX Division
New York Mercantile Exchange

One North End Avenue
World Financial Center
New York NY 10282-1101
Tel. +1 212 299 2000
Fax +1 212 301 4700
Web www.nymex.com


See also:
United States (New York) - Market Introduction, Federal Reserve Bank of New York; Intercontinental Exchange (ICE)