LME To Set Platinum and Palladium Prices

Reuters reported that The London Metal Exchange will set London platinum and palladium prices starting December 1st. Pricing will be run via bespoke platform LMEbullion, an electronic version of current pricing procedures.

As quoted in the publication:

The unexpected move marks a stunning comeback for the LME, which failed to secure administration of the century-old London silver price benchmark – the first to go electronic in a wave of reform for precious metals pricing procedures.

It also puts the world’s biggest metals marketplace back in contention to take over the much larger gold benchmark.

LME head of business development, Matthew Chamberlain, said:

We built (our electronic platform) primarily to participate platinum and palladium but the gold fixing process is very similar, so what we said is that if the market would like to use (it) for gold as well then we are very happy to discuss that.

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