The media report all price manipulation in international commodity markets. Frequently mentioned name COMEX. COMEX stands for New York commodities Exchange, and has been part of the world’s biggest commodity futures exchange, the New York Merchantile Exchange (NYMEX), because the two companies merged in 1994. Since 2008 is the operator of the commodity futures exchange, CME Group.
Various commodities traded on commodity futures classes Exchange: precious metals, metals, base metals, crude oil and natural gas and agricultural commodities. In the same way to the development of many other exchanges, is computer trade now exceeds the word trade. While the word trade takes place between 14: 00 and 20: 30, Central European time, transactions via computer trading run from Sunday to Friday between 00: 00 and 11: 15 pm.
Even if NYMEX and COMEX are operating under one roof in CME Group today, the products traded on the two exchanges of letters are different. COMEX is primarily to trade precious metals gold and silver, but also metals such as copper and aluminum, while the two precious metals Platinum, and palladium traded separately from these metals at NYMEX. Trade in the remaining commodity classes that also takes place here: agricultural commodities such as cotton and coffee, energy commodities such as crude oil, natural gas and uranium.
New York-based commodity futures exchange has a relatively short history compared to other global exchanges. Its foundation dates back to the 19th century when more than 1,500 local markets have been created on the main traffic hubs, specially with the ports and railway stations. Basis for NYMEX goes back to the year 1872 in New York milk wholesalers created the butter and cheese Exchange. in 1882 the name was changed at the exchange to the New York Merchantile Exchange (NYMEX). At the same time were several other important commodities for trade in butter, cheese and eggs.
In the 20th century, NYMEX taken advantage of the fact that many smaller trading venues could not compete due to an advancing centralization of storage in the United States Chicago and New York became the largest centre for transshipment. After the merger of many small exchanges including metal, rubber, raw silk and fur Exchange, COMEX finally was created in 1933. NYMEX and COMEX finally merged in 1994. Today around 1 000 retailers are active in premises trade on NYMEX. Since 2003, see Exchange is situated in the World Financial Center in Manhattan, New York. 2008 Agreed shareholders of NYMEX on a takeover of CME Group for approximately $ 10 billion.