Reuters is reporting that the London Metal Exchange will end plastics floor trading in the first part of 2010. Plastics can still be traded electronically, but would no longer be traded in LME's ring sessions, which allow for more transparency of pricing. Reuters quotes LME CEO Martin Abbott: "Plastics is coming off the floor ... they are not trading on the floor basically." Mo Ahmadzadeh, president of Mitsui Bussan Commodities Ltd., added: "It doesn't surprise me because there was nothing going through on the floor. ... I would assume 90 percent was done online." "There is no point having a floor session if no one is doing anything. They can always bring it back to the floor." LME has offered plastics futures since 2005. LME officials have often described interest in trading plastics as low, but growing.
LME to end plastics floor trading
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