03 November 2008 21:29 [Source: ICIS news]
HOUSTON (ICIS news)--CME Group, a US futures exchange that is the world’s largest, began electronic trading on polypropylene (PP) and polyethylene (PE) futures contracts on Monday, a company spokeswoman said.
There was no volume so far, but that is typical for a new contract, spokeswoman Brenda Guzman said.
The monthly contracts, which start with January 2009, will be listed for 24 consecutive months and will be for 47,000 lb (21 tonnes) each, with physical delivery in Houston.
Details about the plastic grades and specifications were not immediately available.
Trading will take place electronically via the internet on CME’s NYMEX Clearport, which saw an average daily volume of 524,000 contracts in 2008, up 65% from a year earlier.
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