US futures contract unlikely until 1st qtr.

Dec 05, 2007 | 02:46 PM | Ben Garside

The New York Mercantile Exchange is unlikely to launch its U.S. cash-settled steel futures contract until the first quarter of next year, James Oliver, Nymex's marketing manager, said on the sidelines of the 5th European Steel Success Strategies conference in Paris.

Nymex had previously stated on numerous occasions that it was planning to launch a cash-settled contract by the end of this year for U.S. hot-rolled coil based on SteelBenchmarker prices that would be traded on Clearport.

"It is not impossible for the contract to be launched by the end of the year, but it will most likely be into the first quarter next year when we introduce it," Oliver said at the conference sponsored by AMM sister publication Metal Bulletin.....

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