Market News Today

The London Metal Exchange will launch a steel contract using prices from its Shanghai counterpart on October 27, the LME said on Wednesday, advancing China’s drive to expand its influence over global commodity pricing.The LME announced a landmark agreement with the Shanghai Futures Exchange in June for the new contract, saying at the time that trading would begin in October but without specifying a launch date.The LME, the world’s oldest and largest industrial metals market, is hoping to boost trading volumes and attract new customers by mirroring one of the world’s most liquid steel contracts from the SHFE.The new contract will be based on Shanghai hot-rolled coil steel futures.“From next month, the LME will be providing the market with a straightforward route to accessing what is widely regarded as the global benchmark for the flat steel sector,” said MiRan Park, the LME’s chief business officer.The exchange also outlined an incentive programme for market participants providing quotes for the new contract on its electronic trading platform.China has been urging its futures exchanges to innovate and expand their international reach as Beijing seeks greater influence over global ​commodity prices.The LME is owned by Hong Kong Exchanges and Clearing Ltd (HKEX: 0388).(Reporting by Eric Onstad. Editing by Jan Harvey and Mark Potter)

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