China Construction Bank in talks to buy London Metal Exchange broker Metdist

China Construction Bank is in talks to buy British firm Metdist Trading, which would give the country's second-largest lender by assets access to top-tier trading on the London Metal Exchange, two metal industry sources said.

If the deal is successful, Construction Bank will join a growing list of Chinese entities gaining entry to the LME, which sets global benchmark prices of industrial metals including copper, aluminium and zinc.

An official announcement of the deal's completion is expected within weeks, sources said. No further details were available. The state-owned bank and Metdist declined to comment.

"China Construction Bank has been in talks to take over Metdist's metals trading business for a few months now," one source said. A second source said "it may be announced the week that President Xi Jinping is in London, the third week of October."

Xi will visit London next week and Chinese officials are keen to embrace a much friendlier relationship with Britain which, they say, trumps ties with other Western countries.

The 138-year-old LME, the world's oldest and largest market for industrial metals trading, has sought to lure more Chinese business since it was bought by Hong Kong Exchanges and Clearing in 2012. China is the largest consumer of many commodities, and accounts for nearly half of global copper demand.