LME | South China Morning Post
  • Wed
  • Apr 1, 2015
  • Updated: 9:17pm


Set up in 1877 to provide a venue for trade conducted among metal merchants in London, the LME was sold in 2012 to the operator of the Hong Kong stock exchange. In 2013, it was a defendant in lawsuits accusing Goldman Sachs, JP Morgan and Glencore-Xstrata of rigging the aluminium market.

LME plays Asia card in bid for gold pricing job

Garry Jones said he was positive about the central government allowing the opening of LME-approved storage facilities on the mainland. Photo: Bloomberg

The London Metal Exchange hopes its links to Asia and expertise in physical metals will help it win the right to manage the century-old London gold pricing benchmark, chief executive Garry Jones said.

Tuesday, 21 October, 2014, 8:19pm

Things can only get better in HKEx and LME's marriage?

HKEx has found itself embroiled in the toxic legacy of the LME's dysfunctional warehousing system.

This is not a takeover; it is a marriage." That is how Charles Li Xiaojia, the chief executive of Hong Kong Exchanges and Clearing, described the £1.38 billion (HK$17.2 billion) purchase of the London Metal Exchange back in 2012.

20 Oct 2014 - 5:05am

LME faces new battle in Washington after UK court victory

A rent cap would take the LME into uncharted territory.

Fresh from a court victory in Britain, the London Metal Exchange now faces one of the biggest hurdles yet in its years-long crisis over its warehousing policy that consumers say has inflated prices: convincing US lawmakers its reforms are enough.

18 Oct 2014 - 5:47am

HKEx needs to do more to spur interest in commodities trading

HKEx plans to launch an Asian LME platform in the city to trade four commodity products, including aluminium, copper, zinc and thermal coal. Photo: Bloomberg

While the London Metal Exchange will bring in more revenue for Hong Kong Exchanges and Clearing next year, it has not done much to promote commodities trading in the city.

14 Oct 2014 - 3:04am 1 comment

LME to increase transaction fees as it eyes Asia expansion

Hong Kong Exchanges and Clearing chief executive Charles Li says the next step is to launch the Asia trading platform of the London Metal Exchange. Photo: Reuters

London Metal Exchange will increase its average transaction fees by 34 per cent in January as its first step to turn itself into a profit-making company.

30 Sep 2014 - 4:32am

US judge rules LME out of case as 'organ' of British government

The LME allegedly profited illegally from its share of the higher storage revenue collected by the warehouses, plaintiffs have said. Photo: Reuters

A judge has dismissed London Metal Exchange as a defendant from US antitrust litigation accusing banks and commodity companies of conspiring to drive up aluminium prices by restricting supply, hurting manufacturers and purchasers.

28 Aug 2014 - 4:24am

HKEx's takeover of LME is 'risky bet' that could yet pay off

LME takeover has led other bourses towards HKEx. Photo: Bloomberg

While the HKEx has been busy getting into bed with former rival Shanghai to develop cross-trading of stocks, some brokers wonder whether the local bourse was wise to cut a big cheque to buy the London Metal Exchange.

21 Jul 2014 - 3:18am

LME targets commodity alliance with mainland bourses

Garry Jones says the London exchange's focus is to help clients trade to boost business rather than recruit new members. Photo: Edward Wong

High-level talks are under way to deliver seamless access between mainland and international commodities markets, the chief executive of the London Metal Exchange told the South China Morning Post.

25 Apr 2014 - 12:45am

Challenges ahead as Hong Kong unveils plans for commodities trading

HKEx plans to introduce the Hong Kong version of the LME platform this year to trade commodities such as copper. Photo: Bloomberg

Hong Kong Exchanges and Clearing's plan to introduce the Hong Kong version of the London Metal Exchange platform this year is a baby step to kick off the local commodities market, but brokers and observers warned there will be challenges in developing the new market.

10 Mar 2014 - 5:59am 1 comment

LME makes amends with critics after storage crisis

Garry Jones held three townhall meetings last month with US metal users to explain the LME's new warehousing policy. Photo: HKEx

A series of public and private meetings between the London Metal Exchange and its staunchest critics in the United States has revealed a small but significant shift in a years-long crisis over the exchange's warehousing policy, sources said.

3 Mar 2014 - 2:59am

HKEx board plans LME strategy

HKEx bought the London Metal Exchange in December, but critics say the deal has had little impact in Hong Kong. Photo: Bloomberg

Hong Kong Exchanges and Clearing's board will meet in London today to map out future strategies for the London Metal Exchange after coming under intense criticism for failing to promote commodities trading in Hong Kong.

9 Oct 2013 - 5:15am 1 comment

Aluminium producers demand LME release more positioning, warehouse data

An aluminium ingots depot in Wuxi in Jiangsu province. The world’s two biggest aluminium producers want the London Metal Exchange (LME) to release more detailed data on long and short positions and about who is holding inventories. Photo: Reuters

The world’s two biggest aluminium producers are calling on the London Metal Exchange (LME) to boost transparency by releasing more detailed data on long and short positions as well as about who are holding inventories.

13 Sep 2013 - 5:18am

New LME chief looks beyond metals

A trader handles business at the London Metal Exchange, which is facing lawsuits for alleged anti-competitive behaviour. Photo: Bloomberg

London Metal Exchange's newly appointed chief executive Garry Jones said he would focus on expansion in the mainland and would launch new products beyond metal futures trading.

28 Aug 2013 - 3:32am

Hong Kong 'not ready to be a commodities trading centre'

Li Baomin

Commodities brokers and buyers say Hong Kong does not yet have the trading infrastructure to be a major commodities centre. That may change in the future as traders seek to take advantage of growing demand for commodities from the mainland.

26 Jun 2013 - 5:04am

HKEx calms fears in London and China

Charles Li says HKEx's plans to expand into commodities will not be a threat to mainland and London players. Photo: Edward Wong

Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia tried to assure members of the London Metal Exchange and mainlanders yesterday that HKEx's plans to expand into commodities would not be a threat to them.

26 Jun 2013 - 4:20am