London Metals Exchange opens trading in plastics futures
by Brian Turner
The London Metals Exchange, which has only traded nonferrous metals it its 128-year history, began trading plastics futures on Friday.
The exchange added polypropylene (PP) and linear low-density polyethylene (LLDPE) contracts to its portfolio. Trade was light, as it was expected to be on the first day.
September PP opened at $970 pr tonne and closed down at $933.50 per tonne, which was below the $955/985 spread Sempra Metals had quoted on Thursday. LLDPE opened at $965 per tonne and closed at $935 per tonne.
Copper was up for the week on lower inventories, firmer US housing data, and a mine suspension in Peru. The 3-month contract rose 2.5 percent this week to $3,076 per tonne.
Aluminium went up 1.4 percent for the week to $1,745 per tonne on falling inventories.
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