(Kitco News) – A technical problem temporarily halted trading during the early Asian session, with CME Group reporting a technical issue impacting metals, crude oil, grains, and natural gas markets.
“Due to technical issues, all CME Globex markets have been halted,” CME Group tweeted late Tuesday.
Due to technical issues, all CME Globex markets have been halted.
— CMEGroup (@CMEGroup) February 27, 2019
Several minutes later, CME added that its “has identified the technical issue and is working to resolve it,” noting that “the preopen and opening times [will be published] shortly.”
CME Group has identified the technical issue and is working to resolve it. When the iLink gateways are restarted they will be in the normal primary/backup configuration. We will publish the preopen and opening times shortly.
— CMEGroup (@CMEGroup) February 27, 2019
The group’s website also warned that: “All day and session orders including GTDs with today’s date will be canceled. All GTC orders that have been acknowledged will remain working.”
In the latest update, the group clarified that the global exchanges will “preopen at 09:15 PM CT and open at 09:45 PM CT [and] BMD markets will preopen at 09:15 PM CT and open at 09:30 PM CT.”
All markets on CME Globex will preopen at 09:15 PM CT and open at 09:45 PM CT. BMD markets will preopen at 09:15 PM CT and open at 09:30 PM CT. All day and session orders including GTDs with today’s date will be canceled. All GTCs that have been acknowledged will remain working.
— CMEGroup (@CMEGroup) February 27, 2019
The temporary outage does not seem to be causing too much worry in Asia, as the trading session is off to a quiet start.
“This time in Asia, excluding any Asian data, you don’t tend to see a lot of volatility in the commodities … It doesn’t feel comfortable to have them down. But, it is a relatively quiet morning/early afternoon,” Westpac global head of market strategy Robert Rennie told Kitco News. “And while it is always a concern that we have these technical outages, I am not really hearing too much concern from a client point of view. CME is suggesting that markets will reopen normally later on.”
As of 11 p.m. ET, markets on the CME Globex were back to normal, with spot gold on Kitco.com last trading at $1,327.30, down 0.08% on the day.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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