The delay to Sept. 5 from the original implementation date of July 18 was to ensure that data is reported properly and accurately, the LME said.

The investment is expected to generate nearly $160 million (C$200 million) in economic benefits for Quebec.

Shrinking exchange stocks should be a bullish price signal. Right now, however, macro is trumping micro as Western recession fears pummel the industrial metals complex.

Among metals, copper imports are expected to post a modest pickup even though demand remains sluggish.

Potanin has said a tie-up could strengthen the companies' defences against any sanctions the West might impose on them.

“It is increasingly clear that concerns about demand are taking precedence over supply issues in the metals markets”.