CME plans cash-settled tungsten futures for early 2027 as critical-mineral hedging expands

CME Group plans to list tungsten futures on COMEX by early in the first quarter of 2027, pending regulatory review. The contract is intended to give producers, traders and industrial users a forward price and hedging instrument for a metal used in advanced manufacturing and semiconductor-related applications.[1]

The proposed financial settlement links the futures payoff to the benchmark rather than requiring delivery of tungsten into an exchange warehouse. Positions can also be closed by trading before expiry.[1]

The benchmark and physical purchases

The underlying Fastmarkets assessment covers ammonium paratungstate on a specified duty and delivery basis. A manufacturer buying a different grade, location or contractual specification may experience price movements that do not match the futures settlement exactly.[1]

CME estimates annual global tungsten production at 85,000–95,000 metric tonnes and the current spot market at more than $20 billion. Those estimates describe market scale, not expected futures liquidity. Open interest, bid–ask spreads and participation will determine whether the contract becomes an effective hedge.[1]

The launch follows record metals activity at CME during the first nine months of 2026. Brokers considering access will still need final contract specifications, margin terms, market-data arrangements and customer-eligibility rules before offering it.[2]

Report an error or submit an update