August 1, 2018 / 9:58 AM / in 15 days

LME to consult on shifting to electronic closing prices from ring

LONDON, Aug 1 (Reuters) - The London Metal Exchange (LME) launched a consultation on Wednesday on a trial next year on using its electronic system for closing prices instead of the open outcry ring.

The exchange, the world’s oldest and largest market for industrial metals, also said in a statement it would consult members and stakeholders about launching eight new product contracts next year, including hot-rolled coil steel and cobalt.

The consultation, which will last until Sept. 28, will also cover a plan to launch precious metals options towards the end of this year, it added.

The LME is owned by Hong Kong Exchanges and Clearing Ltd. . (Reporting by Eric Onstad, editing by Louise Heavens)

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