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Fate of London metals pit hangs in balance after trader pushback

Fate of London metals pit hangs in balance after trader pushback ( 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.

London s raucous trading ring calls time on 144-year history

‘It’s the end of a very long era and a very sad day.’ By Mark Burton and Jack Farchy, Bloomberg 24 Jan 2021  00:21  The open outcry pit at the London Metal Exchange in London. Image: Bloomberg Almost every day for the past 144 years, traders engaged in shouting matches at the London Metal Exchange to set the global price of copper and other vital commodities. Now, just as the metals industry gears up for a global boom, one of its most iconic scenes may never return. The trading floor known as “the Ring” fell silent last year, as Covid-19 spread through the city of London. At one of the last open-outcry trading venues in the world, the raised voices, shared telephones and physical jostling among LME floor dealers made for a social-distancing nightmare.

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