LME resumes trading after a third-party power outage

Dealers work on the floor of the London Metal Exchange in London, Great Britain, on September 27, 2018. REUTERS / Simon Dawson

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LONDON / BENGALURU, Jan 11 (Reuters) – Trading on the London Metal Exchange (LME) resumed Tuesday morning after a power outage as the world’s leading industrial metals market struggled with declining volumes.

Activity resumed at 0615 GMT after the failure at a third-party data center on Monday evening, the LME said.

The exchange, owned by Hong Kong Exchanges and Clearing Ltd. is located, all systems migrated to their backup data center and trading continued as usual, a spokesman said.

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The LME faced declining volumes, competition from other exchanges and the COVID-19 pandemic that had to close the open outcry trading floor for 18 months.

Trading on the exchange floor resumed last September, but the exchange decided to move closing prices to its electronic Select system. Continue reading

The stock market has been looking for ways to increase the backward volumes. Total lots traded in the first 11 months of 2021 fell 7%, the latest LME data showed.

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Reporting by Eileen Soreng and Shanima A in Bengaluru and Eric Onstad and Pratima Desai in London; Editing by Rashmi Aich, Louise Heavens and David Evans

Our standards: The Thomson Reuters Trust Principles.

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Reference-www.nach-welt.com

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