Last week, NZX’s dairy derivatives market reached a new daily open interest record.
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Open interest closed at 82,185 contracts across the suite of products on Friday 17 April. This is 3,697 contracts above the previous record set in August 2018.

Whole Milk Powder (WMP) Futures & Options open interest also reached new highs with a new record open interest at 57,817 contracts on Friday. WMP’s top five open interest days have now all occurred in April 2020 with last week accounting for the top three.

NZX’s NZ Milk Price (MKP) contracts similarly saw large open interest days in the second half of last week closing at 13,691 contracts on Friday. This is the highest number of contracts held since the current record was set in September 2019 and is the sixth highest open interest day since launch.

Monthly volumes continue on the growth trajectory seen in Q1. On Wednesday, month to date trading volumes exceeded total April 2019 full month volumes, finishing at 25,918 lots on Friday.

Increased volatility and uncertainty in future prices are seeing more users than ever access NZX dairy derivatives markets.

Aurora Dairies, one of the largest milk producers in the country, has added Gray Wigg Gault’s Clydebank Aggregation in Victoria’s Gippsland region to its expanding portfolio for around $20 million.

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