This morning in metals news, a new firm is looking to challenge the London Metal Exchange (LME), copper prices took a fall and sluggish demand also knocked down other base metals.
NFEx Eyes Early 2018 For Launch of New Trading Platform
The LME, founded 140 years ago, might have some competition in the near future.
NFEx Markets announced Monday it plans to open its own trading platform for base metals in the first quarter of 2018, according to a Reuters report.
NFEx has offices in London’s financial district — the new company, incorporated in March, aims to attract physical trade.
“Contracts and trade dates will match established physical industry practice,” the company said in a release. “This new trading platform will not replace or disturb current trading models but will be complementary to them.”
Copper Prices Dip
Like other metals, copper prices fell on Monday, according to a Reuters report.
Copper inventories monitored by the Shanghai Futures Exchange grew for a third consecutive week, as demand seems to have declined. Many expect China to have slower growth in the second half of 2017.
Nickel, Lead, Zinc Also Down
Similarly, nickel, lead and zinc futures were down in India, the Economic Times reported.
The declines were the result of low demand, according to the report.
Lead futures were down by 0.40%, while nickel and zinc futures were each down by 0.24%.