(Bloomberg) — The world’s metals traders are dealing with a shutdown at the industry’s most important exchange.
A power outage at a third-party data center has caused connectivity issues, according to the London Metal Exchange. That’s cut off at least some traders from a venue that sets global prices for bellwether commodities from copper to aluminum.
“We are looking into this as a matter of urgency, and are keeping market participants updated on progress,” a bourse spokesperson said.
Trading, which was due to re-open at 9 a.m. Shanghai time, remains unavailable, according to Bloomberg data. The last trades conducted on all six base metals were before 2:00 a.m. Tuesday, and the electronic platform normally closes at 3 a.m.
“We received the notice from our broker that the LME couldn’t open for trading due to a connectivity issue at third party data center,” Eric Liu, head of trading at ASK Resources Ltd., in Shanghai. “This will affect arbitrage trades in particular as other exchanges are operating. But we have no options but to wait for that to be solved.”
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