August 28, 2008

LME steel billet futures crosses USD 1,000 mark on the first day

SBB reported that on the first day of trading of billets future contracts on the London Metal Exchange, steel billet contract on the LME ring ended with a total of 16 contracts traded, representing 1,040 tonnes of billet.

As per report, traded prices exceeded USD 1,000 per tonne for the first time since informal futures trading began in February. The Far East contract, which began the session at Friday’s closing price of USD 950 per tonne, traded up to USD 985 per tonne and the Mediterranean contract, starting at USD 975 per tonne broke through USD 1,000 per tonne with traded prices of USD 1,005 per tonne