Additionally, the Market Open Interest (MOI) in the Exchange’s Mediterranean steel contract has increased 108% since the start of the year, closing at 2,368 lots on Tuesday, 30th March, and demonstrating a renewed interest in the contracts as global markets recover and as the LME moves towards merging its existing regional steel contracts into a single global steel contract.

Chris Evans, Head of Business Development at the LME, said, “Steel markets are changing significantly and uncertainty about what the future will look like encourages a focus on risk management and specifically hedging. Steel futures at the London Metal Exchange are more relevant than ever and we are pleased with the traction this contract is getting in the market.”

~Ends~

For further information or to speak to an LME spokesman, please contact:

Stephen White
Business Manager Corporate Affairs
t. +44 (0)20 7264 1701 / +44 (0)7980 661 724
e. stephen.white@lme.com

John Parry - RostronParry
t. +44 (0)207 490 8062 / +44 (0)7802 292251
e. john@rostronparry.com

About the London Metal Exchange

The London Metal Exchange is the world's premier base metals market. It offers metals price risk management tools including futures and options contracts for aluminium, copper, tin, nickel, zinc, lead, aluminium alloy and NASAAC, steel billet, plastics and the minor metals - cobalt and molybdenum. In 2009, the total value of trading was $7.41trillion, and the Exchange finished the year with 5.96m tonnes of material on warrant in 633 storage facilities across 39 locations globally.
http://www.lme.com/