The Chelmsford site includes a reconstruction of the ring, the central open-outcry trading floor where metal prices are set by dealers throughout the day.
Each metal is traded in 5 minute bursts in said ring two or three times a day. it’s an interrupted market, not a continuous one.
A thought occurs too. There are proposals that the equity markets should move to something like this. The US ones anyway. something to do with the terror of HFT. What I’ve not seen though is anyone proposing this who then looks to the LME and says “See! It solves our problem!”. Which I’m not sure it does because the LME also whines a lot about HFT.
This is wrong too:
It is a moot point when international metals trading began in the UK. The LME points to the AD43 Roman invasion of Britain and the subsequent exploitation of copper and tin ore.
We’ve recorded instances of 1000 BC Cornish tin ingots being found in sunken Phoenician boats…..not that Cornwall was really part of Britain then as it still isn’t. Odd folk those over the Tamar…..