Half dozen LME members resign, including Rio Tinto
Reuters
February 6, 2016, 4:56 am
LONDON (Reuters) - Half a dozen of the lowest ranking members on the London Metal Exchange with no trading rights, including global miner Rio Tinto, have resigned, the LME said on Friday.
A members' notice announcing the resignations of category 5 members gave no reason behind the moves, although one of the companies has upgraded its membership. A spokeswoman declined to comment.
While one arm of commodities trader Cargill Inc has resigned as a category 5 member, Cargill's financial services business joined the LME as a category 2 member in October.
Category 5, or associate trade membership, attracts industrial or financial companies who want to "keep abreast of LME activities, its contracts and their development and news on the Exchange itself", according to the LME website.
Other members that have resigned were: Nyrstar Buden BV, MetAlliance LLP, Lonconex Ltd and Enmetco.
The LME, the world's biggest market for industrial metals, is owned by Hong Kong Exchanges and Clearing Ltd..
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