It’s stop-and-go for Nymex on slow steel futures drive

Dec 05, 2007 | 02:46 PM | Philip Price

The New York Mercantile Exchange is considering launching an international steel futures contract in addition to a U.S. contract.

Nymex is "very excited" about the launch of steel contracts and will look at "global alternatives" as well as the U.S. domestic market, Nymex chairman Richard Schaeffer said at a news conference Wednesday. Steel is attractive to the exchange because it is "the biggest metal traded worldwide" and because of its price volatility.

Schaeffer's comments came on the heels of remarks by Nymex marketing manager James Oliver, who said the exchange's domestic cash-settled futures contract for hot-rolled coil is unlikely to be launched until early next year. Nymex originally said it was planning to launch its steel contract by the end of this year.....

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