The London Metal Exchange has infuriated some members with its decision to remain open during Queen Elizabeth II’s funeral, further inflaming tensions between the market and its users.Metal brokers and clients have reacted furiously to the 145-year-old exchange’s ruling to open its electronic market but close its famous pit on Monday. It means that many traders will work as usual instead of being able to pay their respects to the deceased monarch. Trading on the London Stock Exchange, in comparison, will be closed for the bank holiday.
The decision further stokes the tension between the exchange, owned by Hong Kong Exchanges and Clearing, and the two camps of its main users.
On one side are longstanding members who trade on behalf of users wanting to buy the physical commodity, and electronic traders, who seek to profit from successful bets on the value and direction of the asset.