LMEminis have low-key launch after early Select system glitch
Dec 04, 2006 | 02:50 PM
| Mark Shaw
The London Metal Exchange's mini contracts in aluminum, copper and zinc had a low-key debut Monday, characterized by thin volumes as most traders and funds chose to watch from the sidelines.
About 250 lots of aluminum had changed hands by 3 p.m. (London time), with less traded in copper and zinc, a trader said.
"A couple of test trades have passed through. Everyone is still trying to sort themselves out," a ring dealer said. "There's not been too much action so far."
That situation is likely to continue over the next few weeks, a second trader said. "It's not really going to happen until next year," he said. "The fund guys—the ones who are really going to be using the minis—need time to reallocate their funds. At the moment, people are battening down the hatches for December."....
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