London Metal Exchange to launch Asian Benchmark prices next January

08:32, November 19, 2010      

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The London Metal Exchange (LME) will launch new reference prices for copper, aluminium and zinc markets on Jan. 24, 2011, based on trading activity on the exchange during the Asian time zone. The new Asian Benchmark prices, a set of three-month futures prices, will act as regional indicators and bring added transparency to these markets.

The exchange's electronic trading platform, LMEselect, has seen early morning trading grow significantly in recent years, with average daily volume before 7 a.m. London time up 90 percent so far in 2010 compared with 2009, indicating a large increase in trading on the LME from Asian markets, and this platform will provide the basis for the new Asian Benchmark prices. A trade weighted average price will be calculated from transactions on LMEselect between 8 a.m. and 8:15 a.m. London time and the new Asian Benchmark prices will be published at 8:30 a.m. London time on a daily basis.

Liz Milan, managing director LME Asia, said, "This LME's new Asian Benchmark Prices will bring further transparency to Asian trading activity on the exchange and perfectly complement our existing official, unofficial and closing prices which act as reference prices for the world."

The introduction of an Asian benchmark for other non-ferrous metals and steel will be considered in the future.

Source: Xinhua


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