The London Metal Exchange (referred to as LME, full name London Metal Exchange) is the world's largest non-ferrous metals exchange, founded in 1876, trading varieties of copper, aluminum, lead, zinc, nickel and Aluminum Alloy, has an important influence on exchange rates and inventory of world nonferrous metal production and sales.
The price and inventory of the London Metal Exchange have an important impact on the worldwide production and sale of non-ferrous metals. In the mid nineteenth Century Britain was the largest producer of tin and copper in the world. As time goes on, industrial demand continues to grow, and the UK urgently needs to import large quantities of industrial raw materials from mines abroad. From the beginning of this century, the London Metal Exchange began to publicly publish its transaction price, and is widely regarded as the benchmark price of world metal trade. All of the world copper production is 70% according to the official London Metal Exchange released as a benchmark for trade.
The London Metal Exchange, the world's largest metal exchange, will accept Renminbi as collateral for trading on the platform between banks and brokers, the latest step in the process of currency globalization. The London Metal Exchange traded $15 trillion in 2014, and the currency currently accepted by the exchange includes the United States dollar, euro, sterling and yen.