LME molybdenum contract facing uphill struggle, Loughrey says

Nov 13, 2009 | 07:22 AM | Tom Jennemann

The London Metal Exchange's molybdenum futures contract faces a tough fight to gain acceptance from North American consumers, though it could emerge as a hedging mechanism over time, a top executive at Thompson Creek Metals Co. Inc. said.

"We've talked to every one of our major customers and to a person they are not eager to participate," Kevin Loughrey, Thompson Creek's chairman and chief executive officer, told AMM. "Real consumers want to buy real material from real producers."

The Toronto-based company has spent a significant amount of time meeting with LME executives and its customers in order to determine the contract's 2010 impact, Loughrey said. ....

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