December 2009,  Issue 27
 

The Minor Metals Trade Association (MMTA) announced on Friday, 20 November 2009 that its Members had decided to reject a proposal to set up, in conjunction with the LME, an Online Price Discovery System (OPDS). The MMTA advised that the majority of the membership's votes were against the OPDS proposal and that it would not now take this matter further.

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The Tokyo Commodity Exchange made the following announcements:-

• On 17 November 2009, trading in its aluminium futures contract will be suspended after the expiry of its last contract, which will take place on 26 October 2010. The Exchange added that it had taken this decision due to there being a significant decrease in trading volume.  It was hoped, however, that it could re-launch the Contract at some stage in the future. For more information, please go to:

• On 11 November 2009, amendments to its Silver Futures Contract.  With effect from 24 December 2009 (changes applicable to the December 2010 contract onwards), the contract unit and tick size to be amended as follows:-

WSE - TO LAUNCH STEEL SCRAP AND HOT ROLLED COIL FUTURES CONTRACTS

The World Steel Exchange (WSE), which was established on 22 June 2009, by the Chicago Climate Futures Exchange (CCFE) and World Steel Dynamics (WSD), recently announced plans to launch a Hot Rolled Coil Contract and two steel scrap futures in 1Q 2010.  The contracts will trade and clear on CCFE's internet-accessible trading platform, Chicago Climate Exchange (CCX), and will be based on the SteelBenchmarker family of price indices and other indices.

For more information on WSE, please go to:-  http://wseonccfe.com/index.html
 
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NCDEX - LAUNCH PLATINUM FUTURES CONTRACT

On 19 November 2009, The National Commodity and Derivatives Exchange Limited, (NCDEX) launched its Platinum Futures Contract. The physically settled contract requires Platinum bars of minimum 99.95% purity, as approved by The London Platinum and Palladium Market (LPPM).  The Contract and Delivery size is 250 grams with contracts expiring in the months of December 2009, March 2010, June 2010, September 2010 and December 2010. 

For more information, please go to:-

http://www.ncdex.com/Upload/Circular_all/pdf/3781.pdf

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ICE - TO LAUNCH OTC CLEARED IRON ORE SWAP

ICE (Intercontinental Exchange) recently announced the introduction of an ICE over-the-counter (OTC) cash-settled iron ore contract, effective from 2 December 2009.  The contracts will be priced against the Platts Iron Ore Index and cleared through the Exchange's US over-the-counter clearing facility, ICE Clear U.S.

The contract is based on the most commonly traded grade of iron ore that is delivered by sea to China containing a minimum 62% iron content.


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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