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SGX and LME’s metal futures make healthy start
23 February 2011
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SGX
LME
Aluminium
Copper
Zinc
The Singapore Exchange announced what it called a “good start” to trading in its new Copper, Aluminium and Zinc Futures, launched in collaboration with the London Metal Exchange.
The contracts are based on the LME contracts, but are cash-settled and in smaller sizes of five tonnes.
SGX uses the daily settlement price from the LME.
On February 15, the first day of trading, 338 lots of copper, 338 of aluminium and 308 of zinc were traded in the T session, from 8am to 3.20pm Singapore time, which uses the same day’s LME settlement price.
In the later T+1 session, which settles on the following day’s LME price, 303 lots of copper, 133 of aluminium and 127 of zinc were traded. That session runs from 4pm till 2am.
Meanwhile, SGX has held a market consultation on plans to introduce lead, tin and steel billet futures.