The CME Comex division of the New York Mercantile Exchange has contingency plans to open normally Monday, despite the potential for havoc from Hurricane Irene.
The latest models of the storm's track showed Irene might make a direct hit on New York, America's largest city, late Saturday. New York Mayor Michael Bloomberg, who faced criticism during the administration's slow response to a blizzard in December, visited flood-prone parts of Queens Thursday to outline comprehensive hurricane response plans for the city.
Bloomberg said he could decide as early as Friday night to evacuate New Yorkers at risk in low-lying areas, including Coney Island in Brooklyn, and that the city's transportation system could be shut down if forecasts continue to suggest New York will get hit hard by Irene.
However, futures trading is expected to resume Monday even if New York City take a direct hit.
We have contingency plans in place to ensure the proper functioning of our markets, CME spokesman Chris Grams said. We will continue to monitor the situation and will notify customers, market participants and our employees as appropriate.