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The volume, which include swaps, futures, swaps options and futures options, is a 78.4% increase from the 34.63 million tonnes cleared in August. It is also up 10.5% from the previous record of 55.92 million tonnes posted in June, according to data from the Asian bourse.

“Volume growth was driven by a strong rise in the use of options in the face of significant price volatility,” SGX said in a statement on Saturday October 4.

A total of 15.57 million tonnes of swaps and futures options were cleared through the exchange in September, up from 4.22 million tonnes in August. This also compares with the previous high of 10 million tonnes of swaps options cleared in June.

SGX launched the options on the swaps contract in September 2012 and the options on futures contract in August this year.

Metal Bulletin’s 62% Fe Iron Ore Index stood at $78.05 per tonne cfr Qingdao on September 30, after falling 11% from $87.79 per tonne seen at the beginning of the month.

In June, the index moved between a high of $95.81 per tonne and a low of $89.48 per tonne.