New York Mercantile Exchange (Nymex)'s mini metals complex,
after a disastrous start registering almost no volume, turned
itself around after introducing a market maker this week with
the intention of adding further improvements in the coming
weeks. The turnaround could act as a wake-up call to London
Metal Exchange (LME) some observers said, which has competing
contract that have, as of now, been trading much higher volume
than its rival.
Since launching in December, both the contracts struggled to
make an immediate impact but LME did get off to a better start
gaining slight advantage over Nymex's equivalent contracts,
which are based on LME's settlement price. During December, LME
volume for copper, aluminium and zinc hit 1,411, 1,987 and 283
contracts respectively while Nymex traded negligible copper
contracts and zero in the other two products.
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