Subject to consultation, the LME will resume price discovery of the lunchtime official prices in the Ring
, which will reopen for trading from September 6. But closing prices will be determined electronically via LMESelect.
“We are pleased to be advancing plans today which we believe will allow us to evolve our market as a unified community,” LME chief executive officer Matthew Chamberlain said. “The divergent views in response to the discussion paper were particularly apparent between traditional participants and some smaller physical clients on the one hand, and our larger merchant trader and financial participants on the other.”
“However, respondents were constructive...