October 2009,  Issue 25
 

On 11 September 2009, the Minor Metals Trade Association (MMTA), which represents producers, consumers and traders of non-exchange minor metals,  announced that it is discussing with The London Metal Exchange (LME) the possibility of introducing an Online Price Discovery System (OPDS) for some of its metals.

The OPDS is aimed at providing representative pricing by collating bids and offers of metal prices to create a weekly quotation set by market participants.  The prices would be determined mathematically using a consistent applied pricing methodology, generated solely by global industry output. 
 
Prices would be established every Wednesday.  Contributors would submit prices, based on the MMTA standard specification, basis prompt delivery (10 working days) in-warehouse Rotterdam, The Netherlands, customs and duties unpaid.  These input prices would be reviewed by a joint LME/MMTA Quotations Committee.  Additionally, each price contributor must be involved with the metals for which they post prices.

The twelve metals currently under discussion are:-

• Antimony 
• Bismuth
• Cadmium 
• Chromium 
• Indium
• Magnesium
• Manganese
• Selenium
• Silicon
• Titanium
• Tungsten
• Vanadium

On 17 September 2009, LCH.Clearnet Limited announced that it will launch, by April 2010,  clearing for gold over-the-counter forward transactions  for value dates from spot out to five years.  This will be followed by Silver, Platinum and Palladium and will be priced in US Dollars.

For more information, please go to:-

http://www.lchclearnet.com/media_centre/press_releases/2009-09-17.asp


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SHFE - APPROVE THREE ADDITIONAL COPPER BRANDS

On 8 and 9 September 2009, The Shanghai Futures Exchange (SHFE) published Members' Notices approving the following additional international copper brands as re-registered under its Copper Contract:-
 

• GRESIK - PT. Smelting, Indonesia
• SUMIKO-N - Sumitomo Mining Metal Co. Ltd, Japan.
• SUMIKO-T - Sumitomo Mining Metal Co. Ltd, Japan.

For more information, please go to:-

http://www.shfe.com.cn/Ehome/docview.jsp?docid=98232534

http://www.shfe.com.cn/Ehome/docview.jsp?docid=98234948

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CME - DELISTS CONTRACTS

The CME announced, on 27 July 2009, that it would delist its Aluminium Futures  and Aluminium Options Contracts upon the expiration of the September Contract.

The Exchange is also in the process of delisting its COMEX miNY Gold Futures (50 Troy Ounces) and miNY Silver Futures (2,500 Troy Ounces) contracts.  These contracts have been replaced with the cash-settled E-mini Gold Futures (33 Troy Ounces) and E-mini Silver Futures (1,000 Troy Ounces) contracts which became available for trading on CME Globex on 20 April 2009. 

For more information, please go to:-

http://www.cmegroup.com/trading/metals/online-marketing/metals-update-062409.html#1

http://www.cmegroup.com/trading/metals/online-marketing/metals-update-092309.html#2

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• The CME Group - NYMEX - COMEX
   
• The Dubai Gold and Commodities Exchange - DGCX 
   
• The London Bullion Market Association - LBMA 
   
• The London Metal Exchange - LME  
   
• The Shanghai Futures Exchange - SHFE 
   
• The Tokyo Commodity Exchange - TOCOM