London Metal Exchange Cancelled First Ring Trading Session on Funeral Day

SEATTLE (Scrap Monster): The London Metal Exchange (LME) announced bank holiday arrangement in connection with Queen’s funeral on September 19^th. The exchange office will remain shut on the day, with the exception of critical operations team.

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According to Exchange press release, the first Ring trading session will not take place on this date as a mark of respect during the funeral of Her Majesty. However, it will be a business day for the purposes of the LME and LME Clear Rules. The second ring session shall take place, and the Official Prices shall be determined, as normal. Further, both LMEselect and the inter-office market shall be available as normal. All trading fees received on that day will be donated to charities of which Her Majesty was a patron.

The Exchange noted that a full market closure of trading, with only a few days’ notice, would create undue operational risk. It must be noted that the LME’s daily forward date system, and the global nature of the LME ecosystem, the Exchange’s trading calendar is normally set far in advance. Incidentally, September 19^th represents the key trading day to establish September monthly valuations.

Meantime, the LME clarified that no LBMA platinum and palladium auctions will take place on the day.