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 hosted by the London Metals 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 in Europe. “As one of the major producers of polyolefins, 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.