No need for scrap futures contracts: Abbott
Oct 30, 2013 | 10:33 AM
| Michelle Madsen
WARSAW, Poland Martin Abbott, former chief executive officer of the London Metal Exchange, dismissed the need for scrap futures contracts at a recycling industry conference in Warsaw.
Derivatives for primary metals should be used as benchmark products for scrap merchants wishing to hedge, rather than scrap futures contracts, Abbott said Oct. 29 at the Bureau of International Recycling (BIR) meeting.
Metals derivatives should be based on homogenous materials, he said, noting that stainless steel scrap traders already use the LME nickel contract to hedge the nickel content of their product.....
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