London / Bangalore — Trading on the London Metal Exchange (LME) resumed on Tuesday morning after a power outage. This is because the world’s top markets for industrial metals are suffering from volume declines.
According to the LME, activity resumed at 0615 GMT after a third-party data center shut down on Monday night.
The exchange, owned by the Hong Kong Stock Exchange, has moved all systems to a backup data center and the transaction was proceeding normally, a spokeswoman said.
The LME is facing a decline in trading volume, competition from other exchanges, and a pandemic of COVID-19, and the trading floor for open outcrys has been closed for 18 months.
Trading on the exchange floor resumed in September last year, but the exchange has decided to shift the closing price to the electronic system Select.
The exchange was looking for a way to increase the volume behind. According to the latest LME data, the total lots traded during the first 11 months of 2021 fell 7%.
Eileen Solen, Shanima A, Eric Ongstad, Platima Desai