The demise of the LME

The London Metal Exchange has always been hallowed ground for commodities. As custodian for much of the world’s metal inventory, including the physical volume that underlies the futures trade, data from the LME is keenly watched to determine moves in metal prices. In BHP’s long march to China part 2, for example, we noted that LME stockpiles and metal prices were rising at the same time – an indication that demand and supply weren't driving commodity price movements. LME data was crucial in determining that prices would fall and commodities weren’t cheap. That ended up being the right call. So what to...

The London Metal Exchange has always been hallowed ground for commodities. As custodian for much of the world’s metal inventory, including the physical volume that underlies the futures trade, data from the LME is keenly watched to determine moves in metal prices.

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