Rio Tinto report shows bullying remains rife with women targeted
Rio Tinto’s latest report comes after the government of Western Australia in June 2022 released its own landmark inquiry.
The London Metal Exchange (LME) does not plan to launch a “green” futures contract in nickel because the market for such a contract is not yet large enough, it said on Tuesday.
“Market participants have expressed concern that there remains significant market debate as to how to define ‘green’,” a statement said.
“Further, that an LME contract representing a narrower sub-segment of the market would not attract sufficient stocks and trading volumes to be viable.”
There was also limited appetite for contracts for other segments of the nickel market such as nickel sulphate, matte and other so-called class 2 materials, it added.
The LME futures contract trades in class 1 refined nickel.
Last week, Australian iron ore magnate Andrew Forrest said the LME should classify its nickel contracts into “clean” and “dirty” to give customers more choice.
The comment by Forrest, chairman and founder of Fortescue Metals Group, is part of a push by miners and Australian lawmakers to save the country’s nickel industry after prices collapsed amid a jump in cheaper supplies from Indonesia.
The LME, the world’s oldest and largest market for industrial metals, said its partner Metalshub already offers a solution since nickel can be listed there with specific ESG credentials, including the carbon footprint.
The LME is owned by Hong Kong Exchanges and Clearing Ltd.
(By Eric Onstad; Editing by Jason Neely and Sharon Singleton)
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