The delay has been caused by the need for further consultation with industry. Craig Hewett, head of marketing at the exchange, said the LME was involved in talks with many companies from all over the world, and these are taking longer than anticipated. He stressed the exchange still plans to release the contracts.
The LME’s planned futures will be for two classes of plastics, polypropylene and linear low-density polyethylene. More classes of plastic could be included later if the contracts prove popular.
The plastics industry has been valued at approximately $120 billion.