There was no booing and no slow handclapping when Garry Jones, chief executive of the London Metal Exchange (LME), rose to address the exchange’s annual black-tie dinner at the Grosvenor House Hotel in London.
There had been considerable speculation as to what sort of reception he would get after a year of falling exchange volumes and a protracted dispute with brokers over trading fees.
But decorum was maintained and Jones was in conciliatory mood, accepting with “some humility” that things hadn’t gone “as well as we hoped.” Reuters’ Andy Home has more.
Last Pre-Election Purchases Help Boost Copper
LME copper prices see-sawed in positive and negative territory on Tuesday after posting hefty overnight gains on growing signs that Hillary Clinton will win the U.S. presidential election over her Republican rival Donald Trump.
Shanghai copper futures showed consistent gains, with some traders hedging expectations that the value of the U.S. dollar would erode if Trump eked out a victory.
Democratic candidate Clinton is viewed as a status quo candidate with more predictable policies than Trump. That means news favoring Clinton tends to boost risk appetites.
Helen Lau, an analyst for Argonaut in Hong Kong, said that in the longer term, a Clinton victory could spur industrial activity and greater metals consumption, the immediate impact of a Trump win and a weaker dollar would be “knee-jerk” buying.
“If Trump wins, then there is the possibility the dollar will go down and that’s good for consumption in China,” she told Reuters.