London Metal Exchange
What is the LME?
The London Metal Exchange is the world’s oldest and largest centre for trading industrial metals, including aluminium, copper, nickel and zinc. It's now based in Finsbury Square, just to the north of the City of London.
Where have you heard about the LME?
When you think of a stock exchange, do you still picture yuppies yelling at each other across a trading floor? Well, you still get that to some degree at the LME, one of the few exchanges in the world to use open outcry, where traders enter a 'ring' to buy and sell orders.
The LME hit the headlines in January 2017 when chief executive Garry Jones stood down in a shock departure after trading volumes fell by 7.7% in 2016.
What you need to know about the LME.
Trading on the LME is carried out in three ways – via the phone, open outcry and electronic trading platform LMEselect, where nowadays the majority of trades take place.
The open outcry establishes how metals are priced. One trader will offer a metal for a certain price while others who want to buy it compete. After the metal is traded for five minutes, the official price for that particular commodity is set.
Around £8.8 trillion ($11 trillion) is traded annually.