LME says market to remain open despite Queen’s funeral

The London Metal Exchange (LME) will remain open on Sept 19, the day of the funeral of Queen Elizabeth, even though it has been declared a public holiday, the exchange said on Tuesday.

“A full market closure of trading, with only a few days’ notice, would create undue operational risk,” the 145-year-old exchange said in a statement.

“The LME has carefully considered how best to balance the interests of the market, our operational considerations and our desire to pay our respects.”

The first open-outcry session will not take place, since it would have occurred during the actual funeral service, and LME offices will close out of respect for the Queen, the LME added.

The exchange, the world’s oldest and largest market for industrial metals, said it would also donate all trading fees for Sept. 19 to the Queen’s charities.

But next Monday is a key trading day when monthly valuations for September are established, so the overall market will remain open, including the LME’s electronic trading system.

The LME is owned by Hong Kong Exchanges and Clearing Ltd.

(By Eric Onstad; Editing by Kirsten Donovan and Jason Neely)