London Silver Fix Replacement Coming Soon; CME, LME, Others Make Pitches

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Silver

The replacement for the 117-year-old London silver fixing benchmark that’s ending Aug. 14 will probably be chosen as soon as one of the companies proposing an alternative wins “critical mass” support from the market, according to the London Metal Exchange.

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Garry Jones, the London Metal Exchange’s chief executive officer, and Matthew Chamberlain, head of business development, spoke at a news briefing at the exchange today. The LME, Autilla Ltd., Bloomberg LP, CME Group Inc./Thomson Reuters, ETF Securities Ltd., Intercontinental Exchange Inc. and Platts have made proposals.

On Friday, July 4, the day’s biggest mover was Indian gold bullion, which saw a 0.9 percent decline to INR 27,538 ($461.89) per 10 grams. The price of Chinese gold bullion dropped by 0.3 percent to CNY 263.55 ($42.42) per gram after holding steady. US gold bullion stayed flat at around $1,327 per ounce. The price of Japanese gold bullion remained essentially flat at JPY 4,329 ($42.36) per gram.

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Chinese silver closed 0.2 percent lower at CNY 4,305 ($692.99) per kilogram. The price of Indian silver remained steady at INR 45,714 ($766.76) per kilogram. Japanese silver held its value on Thursday at JPY 689.00 ($6.74) per 10 grams. US silver saw little change in its price yesterday at $21.15 per ounce.

The price of Chinese platinum bar fell 0.3 percent to CNY 317.00 ($51.03) per gram. The price of US platinum bar showed little movement yesterday at $1,504 per ounce. At JPY 4,895 ($47.90) per gram, the price of Japanese platinum bar was essentially unchanged.

The price of Chinese palladium bar increased 0.5 percent to CNY 191.00 ($30.75) per gram. The price of Japanese palladium bar held steady at JPY 2,785 ($27.25) per gram. The price of US palladium bar steadied at $855.00 per ounce following two-days of increases.

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