The Chicago Mercantile Exchange (NASDAQ:CME) began trading steel futures contracts Monday, four years more or less after what is now its Nymex subsidiary originally announced plans to list the commodity. Things are going absolutely swimmingly, with a total of zero contracts traded in the first four days.
But, as American Metal Market reported in Friday’s edition, price discovery proceeds apace.
But, it gets better.
And, believe it or not, better.
Disclosure: Short Nucor (NYSE:NUE), CME. And, after clipping chunks into the recent poopage, quietly hoping some kind soul will run them back up so I can reload.