LONDON (Reuters) - The London Metal Exchange (LME) will maintain open outcry trading at its disaster recovery site in Chelmsford, east of London, until early August after continuing structural problems that mean its offices will remain shut, the exchange said on Friday.
This marks the second time the LME has extended ring trading its emergency venue after a potential safety issue was discovered last weekend in the building that houses its offices on Finsbury Square (NYSE:SQ) in London's financial district.
"The LME has been informed by its landlord that the structural issue within the building that houses the LME premises in London is yet to be resolved, and that the building is unlikely to reopen before early August," a statement said.
The world's oldest and largest market for industrial metals has kept all trading, clearing and other systems operating as normal by working from sites in Chelmsford and Wapping in London.
The LME is owned by Hong Kong Exchanges and Clearing Ltd. (HK:0388).