Merchants work on the ground of the London Metallic Trade in London, Britain, September 27, 2018. REUTERS/Simon Dawson
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LONDON/BENGALURU, Jan 11 (Reuters) – Buying and selling on the London Metallic Trade (LME) resumed on Tuesday morning after an influence outage because the world’s prime market for industrial metals struggles with declining volumes.
Exercise resumed at 0615 GMT following the outage at a third-party information centre on Monday night, the LME mentioned.
The change, owned by Hong Kong Exchanges and Clearing Ltd. , migrated all programs to its backup information centre and buying and selling was continuing as regular, a spokesperson mentioned.
The LME has confronted declining volumes, competitors from different exchanges and the COVID-19 pandemic, which pressured the open outcry buying and selling ground to shut for 18 months.
Buying and selling on the ground of the change resumed in September final yr, however the change determined to shift closing costs to its digital system, Choose.
The change been trying to discover methods to spice up lagging volumes. Total heaps traded for the primary 11 months of 2021 slipped by 7%, newest LME information confirmed.
Reporting by Eileen Soreng and Shanima A in Bengaluru and Eric Onstad and Pratima Desai in London; Modifying by Rashmi Aich, Louise Heavens and David Evans
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