Basell joins LME plastics futures exchange.Basell of the Netherlands (U.S. office in Elkton, Md.) will become a participating producer in the global PE and PP futures market futures market, a commodity exchange where contracts for the future delivery of grain, livestock, and precious metals are bought and sold. Speculation in futures serves to protect both the developers and the users of the commodities from unfavorable and unpredictable hosted by the London Metals Exchange (LME See London Metal Exchange. LME See London Metal Exchange (LME). ) in the U.K. "Basell has been following the LME activity closely over recent months, and liquidity is growing slowly," said Hans-Robert Schmidt, senior v.p. of Basell Polyolefins Basell is the world's largest producer of polypropylene and advanced polyolefins products, the world's largest producer of polyethylene , and a global leader in the development and licensing of polypropylene and polyethylene processes, and a leader in catalysts. in Europe. "As one of the major producers of pelyolefins, the time is now right to list." Schmidt explained that this move "is consistent with our view that a shorter-dated contract, a spot marker, is a vital ingredient for the LME's plastics contract to work effectively. The LME has indicated a willingness to finalize such a marker. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that when the LME incorporates this spot price marker, a transformation of the plastics industry pricing structure will result." |
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