LME steel futures trading nears $1M in ‘soft launch’

Feb 25, 2008 | 01:17 PM |

The London Metal Exchange recorded almost $1 million of trading in steel futures Monday as it introduced the contracts to the market ahead of their full launch in late April.

Trading in the steel billet contracts began at 1 a.m. London time on the LME's electronic trading platform, Select, and on hour earlier via the telephone market.

The "soft launch" comes two months before the LME plans to introduce open-outcry trading of steel futures on April 28. The LME's major rival, the New York Mercantile Exchange, said last week it is still targeting a first-quarter launch for its own steel futures contracts, although traders are skeptical that it will hit that mark (AMM, Feb. 20).....





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