Fate of London Metals Pit Hangs in Balance After Trader Pushback
- London Metal Exchange’s board meets Thursday for decision
- The LME in January proposed closing ‘the Ring’ permanently
Photographer: Jason Alden/Bloomberg
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When the London Metal Exchange in January proposed closing its historic trading floor, many in the industry assumed it was a done deal. But after a backlash from major users, it’s looking a lot less certain.
After months of consultations, the LME’s board will meet Thursday to decide the future of the open-outcry floor. One of the last of its kind in the world, “the Ring” was closed temporarily last March as the U.K. went into lockdown. Ever since, global prices for copper and other industrial metals have been set electronically -- and so smoothly that the LME argued there was no need to reopen the floor at all.