CME mulls aluminum contract to rival LME - traders
NEW YORK |
NEW YORK Aug 8 (Reuters) - CME Group Inc has canvassed physical traders in recent weeks about the viability of an aluminum contract to rival that of the London Metal Exchange, which has dominated the $80-billion aluminum market for over 30 years, traders told Reuters.
The discussions are at an early stage, but the contract would be aimed at breaking the LME's grip on the 40-million-tonne market and capitalizing on industry anger at the 135-year old exchange's handling of its warehousing policy, traders said.
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