The London Metal Exchange, the last remaining in-person trading floor in Europe, is to reopen on 6 September after its management decided not to permanently close the trading ring, which has been operating since 1877.
The LME’s proposal at the start of 2021 to move to all-electronic trading following the pandemic was opposed by some traders.
The plan would have terminated the “open outcry” trading of the LME, where dealers set daily benchmark prices for industrial metals including copper, aluminium and zinc, by shouting buy and sell order across the ring in intense five-minute trading sessions during the day.
The LME ring, operated with a strict set of rules, has been trading electronically since March 2020, but managers proposed in January keeping the ring closed even after coronavirus restrictions eased in an effort to modernise.
Some members of the LME, which is owned by the Hong Kong Stock Exchange parent, HKEX, insisted that physical trading…