Exchange operator CME Group Inc. sent out incorrect copper
settlement prices on Friday, the second time in a week that the
company published erroneous futures market data.
CME Group, which owns the New York Mercantile Exchange and its
Comex division, transmitted incorrect preliminary settlements in
Comex copper contracts, an error that affected all delivery dates
for copper futures. The error occurred at approximately 12:18 p.m.
CDT and was corrected at 12:21 p.m. CDT, the CME told The Wall
Street Journal.
A CME spokeswoman declined to answer questions or explain how
the error occurred. "I can't comment beyond what I already told
you," Alexandra Gorbokon said.
Brokers and traders dismissed the jump in copper settlement
prices as a glitch due to the outsize nature of the move. Copper
settlement prices shot up to $3.6635 a pound, before being
corrected to $2.6635 a pound. Copper prices hadn't traded above
$3.60 a pound for about two years.
"When you see that, you pretty much know that that was a
misquote," said Bill O'Neill, co-founder of Logic Advisors LLC.
A similar problem had occurred in crude-oil and natural-gas
prices on March 6. On that day, the Nymex sent out incorrect oil
and gas prices during the trading day. While the CME corrected the
data soon after the mistake occurred, some trading platforms
continued to show inaccurate data because of difficulties
processing the correction.
Timothy Puko contributed to this article.
Write to Tatyana Shumsky at tatyana.shumsky@wsj.com
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