LME mini contract launch postponed

The London Metal Exchange is postponing the launch of its new miniature copper, aluminium and zinc contracts for two weeks.

The five-tonne contracts are the first LME products not to be made available via its open-outcry floor, and will instead be traded exclusively online and via telephone. They were originally scheduled for launch on November 20 but will now debut on December 4 instead.

The delay follows the abandonment of an upgrade to the LME Select trading system, which was forced to shut down for almost two full trading days last week. The exchange says it needs extra time to test the contracts on the older version. LME chief executive Martin Abbott said: “I see this delay as disappointing and inconvenient, but in the circumstances, the most prudent way forward.”

(See also: LME rolls back Select after upgrade fault)