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LME plans new metals contracts using Shanghai prices, sources tell Reuters
By Pratima Desai and Siyi Liu
Reuters
Monday, December 18, 2023
The London Metal Exchange is planning to launch new metals contracts using prices from the Shanghai Futures Exchange, three industry sources familiar with the matter said, increasing China's influence on global metals markets.
Collaboration between the 146-year-old LME and ShFE was mentioned briefly by LME's Chief Executive Matthew Chamberlain in October at the annual LME Week dinner, without any detail.
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Two years ago the idea of China allowing an overseas exchange to use domestic prices would have been met with reluctance, but since then there has been a sea-change in strategic direction at Chinese exchanges, the sources said.
The change has come due to pressure on Chinese exchanges from the government to innovate and expand their influence to the rest of the world and China's aim of domestic players having more control over commodity prices.
Known as cross-listing, the process would involve new LME metal contracts settling against ShFE prices, the sources said. The sources did not have a timeline for launch. ...
It is not known which metals are involved in this initiative, but copper and aluminium are both high volume contracts on both ShFE and the LME, owned by owned Hong Kong Exchanges and Clearing. ...
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