27 May 2005
LME bets on a future in plastics
The London Metal Exchange, a bastion of tradition in the financial world, is breaking from its roots in the base metals industry tomorrow by launching two plastics futures contracts, the first non-metallic futures contract launched by the 128-year-old exchange. The LME, which is the last futures exchange in Europe to have an open-outcry trading pit following the closure of the trading floor on the London-based International Petroleum Exchange in April, is looking to plastics to provide it with a new leg of growth. Simon Heale, LME chief executive, said it was the similarities between the base metals and plastics markets that attracted the LME. Mr Heale said both are $120bn-a-year markets and primary industry raw materials with the same customer base of automotive and packaging industries.
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