Top officials of London Metal Exchange held reception at British Embassy Tokyo on Tuesday with around 200 attendees including Japanese base metal users and major trading firms. LME’s chairman Sir Brian Bender said LME don’t need to sell itself but the exchange will decide the response to offers to buy the exchange later the year after the review of conditions.
Chairman of Japanese Electric Wire & Cable Makers’ Association Masao Yoshida said Japanese metal processors and the users are sensitive to volatile metal prices and some of them are forced to seek alternative materials. The president of Furukawa Electric urges LME should stabilize the price move as exchange for industrial users. Mr. Yoshida said to a reporter of Japan Metal Bulletin at the party he met LME’s chairman and CEO Martin Abbott on Monday to require stabilize the metal prices and LME’s approach to Shanghai Futures Exchange to allow foreign companies’ participation. Mr. Yoshida said to the reporter he requested for LME to have price movement limit for stabilization. LME’s chairman said to the reporter at the party Japanese metal industry is very important business partner for LME. He said the visit is to get closer with partner companies and industrial users in Japan for further cooperation.