To counteract these fluctuations, Schirner noted that integration, increasing the product range, hedging and cost flexibility all affect volatility. "Hedging on the LME has been gaining more and more importance. Already, due to forward buying or selling, the actual exchange price is no longer decisive for large areas of our daily business...We will have to live with cyclical movements in the future. Numerous instruments and strategies, however, are at our disposal for stabilising our company results. We must exploit these to the full," he said.
展开▼
