The LME launched today new futures contracts for US MW duty-paid and European duty-unpaid premiums; LME MW curve opens in a steep backwardation

Two new premium futures contracts went live today on the LME. The LME launched two new cash-settled premium futures contracts on Monday: a) US Midwest P1020 delivered duty-paid and, b) European P1020 Duty-Unpaid In- Warehouse premiums. Preliminary data indicates that LME MW duty-paid premium financials for August–November 2019 were transacted at an average premium of $17.43 cent/lb ($384.25 per mton), with a preliminary volume of 1,000 mton. US MW Duty-paid financials curve (both CME and LME) in a steep backwardation.

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