CME Group plans to launch tungsten futures by early Q1 2027, subject to the relevant regulatory reviews. The 19 October announcement adds a prospective hedge for a metal that CME describes as having an active spot market without an established futures market.[1]
At a glance01
Proposed contract basis
| Term | Announced position |
|---|---|
| Listing exchange | COMEXSource 1 |
| Settlement | FinancialSource 1 |
| Benchmark provider | FastmarketsSource 1 |
| Material | Tungsten APT (ammonium paratungstate)Source 1 |
| Assessment basis | Release: duty unpaid, CIF Rotterdam and Baltimore; FAQ: duty-free for the named APT assessmentSource 1Source 2 |
| Timing | By early Q1 2027; regulatory reviews pendingSource 1 |
At a glance02
Additional announced contract mechanics
| Term | CME FAQ |
|---|---|
| Contract unit | 88.5 metric tonne units (mtu) of WO3; approximately one metric tonne of APT at 88.5% WO3Source 2 |
| Quotation | US dollars per mtu of WO3Source 2 |
| Listing horizon | Current and next two calendar yearsSource 2 |
| Trading access | Globex order book and ClearPort submission for clearingSource 2 |
| Block minimum | Two contractsSource 2 |
| Block reporting | Within 15 minutes of executionSource 2 |
CME’s release describes the assessment as duty-unpaid, while its FAQ calls it duty-free. That wording should be reconciled against the final benchmark and contract documents. As an analytical consequence of using a specified APT reference, businesses buying a different tungsten form or delivery basis can retain basis risk; financial settlement also leaves physical procurement separate.[1][2]
Sources & further reading
- CME Group to Launch Tungsten Futures to Meet Rising Demand for Critical Minerals CME Group · 19 Oct 2026 · Accessed 26 Oct 2026
- FAQ: Tungsten Futures CME Group · Accessed 26 Oct 2026