LME plans to expand warehouse network into China
London Metal Exchange (LME), the futures exchange with the world's largest market in options, and futures contracts on base and other metals schedules to broaden its warehouse network into China.
It planned to build up warehouses in China to serve the largest exporter and consumer of most base metals, which is deemed as a benefit to the Chinese industry and LME.
It is said that the growth in world's second largest economy up only at 8.1% from year ago after an 8.9% rise in the Q4 while the country's purchasing managers' index in April was at 53.3, hike from 53.1 in March.
As results, LME three month copper has surged 8.5% this year and closed at US$8,255/ton on last Thursday.
News Date 07 May 2012 15:31:09 reported by Mike Lo