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Metal consumers, producers and traders from around the world are arriving in London for an annual industry gathering to negotiate deals to buy and sell metal and discuss order books which reflect the health of global manufacturing.
Known as LME Week, the event starting with a seminar on Monday, Sept. 30, arranged by the London Metal Exchange, is an opportunity to compare notes, exchange gossip and discuss the market for industrial metals such as copper and aluminum.
The seminar will be attended by around 850 delegates this year, a number similar to last year, while the dinner at the Grosvenor House in London’s Mayfair district is expected to welcome 1,700 people, unchanged from 2023, the LME said.
However, an overlap of the event with China’s golden week holiday means the Chinese delegation will be smaller than last year, according to metal brokers with clients in the world’s biggest market for industrial metals.
“Numbers for our Chinese guests are down from last year,” one trader at a metals broker with a large Chinese client base. “LME Week is unusually early this year.”
A senior trader at a LME broker said: “Golden week is a week long family holiday, so executives are more compelled to stay with their family. It is also Jewish New Year on Wednesday, which has also caused a few grumbles.”
LME Week would typically be timed for the second or third week of October to avoid overlap with the Chinese holiday and traditionally, Jewish New Year festivities, which this year span Oct. 2-4.
“LME Week dates are selected years in advance, and we endeavour to take account of holidays, any other industry events, and venue availability,” the LME said in response to a request for comment.
“This year’s event falls unusually early and unfortunately overlaps with some holiday periods; however, we are pleased that this has not impacted attendee numbers, with the LME Dinner and China Reception at capacity, and the Metals Seminar close to selling out.”
The China reception on Monday, Sept. 30 is by invitation only. It has not been held since before the Covid-19 pandemic.
The London exchange is owned by Hong Kong Exchanges and Clearing.
(By Pratima Desai; Editing by David Evans)
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