London Metal Exchange says to launch Asian benchmark prices
The London Metal Exchange announced Thursday plans to launch reference prices for copper, aluminium and zinc based on activity during Asian trading hours from next January.
"The London Metal Exchange (LME) will launch new reference prices for copper, aluminium and zinc markets on 24 January 2011, based on trading activity on the Exchange during the Asian time zone," a statement said.
"The new Asian Benchmark prices, a set of three month futures prices, will act as regional indicators and bring added transparency to these markets."
The LME said that its electronic trading platform, LMEselect, has seen early morning trading grow significantly in recent years, with average daily volume before 7:00 am London time up 90 percent so far in 2010 compared with 2009.
"This LME's new Asian Benchmark Prices will bring further transparency to Asian trading activity on the Exchange and perfectly complement our existing official, unofficial and closing prices which act as reference prices for the world," said Liz Milan, Managing Director LME Asia.
© 2010 AFP