Prices Take Wing

David Humphreys

Chapter 4 in The Remaking of the Mining Industry, 2015, pp 88-113 from Palgrave Macmillan

Abstract: Abstract The five-minute ‘ring’ starts slowly, with the dealers slouched on their red leather benches in a circle under the bright lights. Periodically, one of them proffers a trade with an air of studied indifference. This continues for four minutes. In the last minute of the ring, the pace begins to quicken. The bids and offers flow more freely. The air of indifference evaporates. Dealers become more animated. Outside the ring, telephones clamped to their ears, traders signal to their colleagues in the ring the buy and sell orders coming down the line from clients. The last seconds of the ring are a complete frenzy, the dealers straining forward on their benches shouting and gesticulating. Then, as quickly as it arose, the storm abates. The bell sounds and the shouting ceases. The dealers leave the ring and calm prevails. The price of metal for the next trading period has been set.

Keywords: Mining Industry; Hedge Fund; Commodity Price; Spot Market; Spot Prex (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-44201-7_5

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137442017

DOI: 10.1057/9781137442017_5

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().