Ice ammonia contract trades largest volume to date

The Ice Ammonia Outright-Argus Ammonia NWE cfr future contract (AOA) saw its largest trade to date on 3 July — a 3,000t August cargo clearing at $450/t cfr.

The contract traded through FIS brokers and cleared through Ice. The AOA futures contract was launched on 16 January 2023 and settles against a calendar-month average of the daily Argus northwest Europe cfr duty free price.

The Ice contract was first used in April 2023, when a 500t May cargo was sold at $385/t cfr, also brokered by FIS.

The contract's block trade minimum threshold is five lots. One lot is the equivalent of 100t.

By Ruth Sharpe