London Metal Exchange To Launch Silver and Index Contracts

The London Metal Exchange (LME) is to launch its new silver and index contracts in mid-1999. Both contracts will be traded on the LME through the open outcry system. The LME expects that the index will be traded on the kerb and silver will get its own session. In addition to bullion the LME intends to make silver granules deliverable from. The index contract will comprise a weighted index of the LME's six primary metals, which will be tradable by open outcry as well as inter-office, and will be cash cleared.