supplements
www.metalbulletin.com
supplements
05 A crowded space 19 Assayers foresee rising demand and competition
While the LME continues on a mission to spread its style of price risk As mining, minerals trading and exploration expand, so the assaying
management globally, defence of its existing market space and role has and inspection businesses must keep up. Where is the main demand
become part of core strategy alongside expansion. LME chief executive for these services now and how are assayers planning to become ever
Martin Abbott discusses the exchange’s priorities and views. more competitive?
11 CME clears the way for metals
Metals and their raw materials are high on the agenda of the CME
Group, as it widens its range of derivatives to manage risk in LME DIRECTORY
the sector.
23 LME company index
15 Plenty to play for in Asia
While the centre of gravity of the physical steel and metal worlds has 26 Ring dealing members
long since shifted towards Asia, exchange-based steel and metal
trading still has strong roots in its traditional locations in the west. 28 Associate broker clearing members
How will future metal trading evolve in Asia?
31 Other associate members
16 MBR’s base metal markets forecast
Base metals peaked early in 2011, but prices have since been under 36 Boards, committees and staff
pressure from macroeconomic developments. Metal Bulletin Research
reviews the markets and gives forecasts for the coming year. 39 Who’s who of the LME
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October 2011 | LME | 3
LME 2011
Overview
A crowded space
happen, I think we would see a rapid
build-up in volume.”
In the meantime, the exchange continues to
promote its steel products in North America
and is expanding good delivery points in
Europe. “Those are all good moves. They are all
While the LME continues on a mission to spread its taking us in the right direction, but they’re
necessarily slower than if we had the big
style of price risk management globally, defence of grand-slam move of deliverability of Turkish
material into Turkish warehouses.”
its existing market space and role has become part The LME has more steel products in its sights,
of core strategy alongside expansion. LME chief including flat products, but Abbott is clear they
would have to be different from the
executive Martin Abbott gives Richard Barrett a exchange’s usual model of physical
deliverability. “I think it would be dreaming to
wide-ranging summary of the exchange’s say that one could do flat products on a
deliverable basis: that’s just not going to
priorities and views for the year ahead happen. Therefore one has to look for indices.
The same would be true of iron ore. The issue
In a prolonged period of financial instability our footprint there was the biggest. That therefore is to identify and prove the right
and uncertainty, expectations run high that objective is achieved. The second objective is indices.”
the volume of business done through an that if there is the appetite that many people He says that is not something the LME would
organisation with price risk management at its expect we have to make sure that we can fill it. rush into: “When the time is right and when
heart will grow. Volumes on the LME this year So we’re building up the market-maker we think there is a critical mass in the OTC
have done exactly that. A record number of scheme for minis and continuing with the markets then we would be able to move quite
108,708 transactions was seen on 23 September marketing and push.” quickly. But for the moment we’ve got plenty
2011. The LME has averaged 565,639 lots per day of work to do in terms of the development of
this year, up 19% from the 2010 average daily Still on to steel our billet contract. I also have to remind
volume. Trading volumes in the LME’s steel billet people that billet is not a subsidiary product.
While the bulk of that business remains in contracts have been far more buoyant. “The Long products are half of the total global steel
the exchange’s long-running base metal steel contract is doing ok. The volumes are market. So we don’t have a toe in the water,
contracts, trading in the exchange’s newer sustaining, but they’re off their peaks and I we’re actually up to our waist.”
contracts, including steel, cobalt and think part of the reason for that is that we just
molybdenum, have helped to boost the total. can’t crack the Turkish delivery issue.” The LME Minor metals matter
Increasing trade volumes is just one role that remains hopeful that the Turkish government Cobalt contract volumes saw a record month in
new products play, however. As LME chief will change its VAT rules: “Were that to August and the exchange is hoping that it will
executive Martin Abbott explains, they can see a little more adoption of the LME price for
also serve a defensive function by putting cobalt into industry pricing in the next few
down a marker in markets where the LME months. “It will be sporadic, but I think we’ll
hopes to deter competitors. He says that the see that. When people are writing their 2012
LME minis, which were the talk of last year’s contracts they need to decide on a pricing
LME Week and launched with the Singapore basis. I’d be surprised if anyone were to write
Exchange in February this year, are an solely basis LME, but you may start to see the
example. LME price being put in in some form or
“I’m happy with the first few months of the another.... It is missionary work: one soul at a
launch because we had a specific objective, time, but we’ll get there on it.”
which was to make sure that if anybody took The molybdenum contract lags behind
an LME mini look-alike product into Asia in an cobalt in terms of acceptance, but Abbott
effort to tap what many people suspect might points out that movement of material in and
be a large retail market, then it should be us. It out of warehouse has proved the LME claim,
was a defensive-aggressive move if you like.” much-debated pre-launch, that concentrate
Trading volumes in the new mini contracts can be traded on a deliverable basis. He adds
have been low, which Abbott says is because that limited volatility in the moly price has
there are insufficient market makers at present subdued trade in the contract.
– a factor being addressed. The earlier In an echo of the launch of Asian minis, he
London-based LME mini contracts were also points to a defensive purpose for the minor
launched as a defensive move in a response to metal contracts: “Even when cobalt and moly
the decision by Nymex nearly five years ago to become total success stories, they are not
put mini metal contracts on to the Globex going to change the economics of the LME
system. dramatically. But they have made it absolutely
LME
Today the playing field is in Asia. “Everyone clear that we will secure all our borders and we
seems to want to get into the base metals “We have to be as good at identifying the won’t let anyone in chipping away at the
space, and who can blame them – it is a great things that we don’t want to do as the edges of our space, which is metals – not just
space. We certainly wanted to make sure that things that we do,” says Martin Abbott base metals.”
u
October 2011 | LME | 5
LME 2011
Overview
He stresses that the exchange has
established the fact that it can and will do
minor metals: “I don’t feel a pressing need for
us to do any further minor metals right now. It
is a little bit like the potential expansion on
steel. Let’s take what we’ve got, make it work,
and then come back and take another look
and see what else is out there.”
Queues: a natural factor
Long queues to remove large quantities of
aluminium from some LME-approved
warehouses, generated by high trade volumes
in the metal, have attracted considerable
criticism.
Abbott sees these as a transparent
manifestation of real market conditions: “We
are a market that, if we’re functioning
properly, throws light on the factors that are in
play in the broader market. We’re not here to
say what the price of aluminium should be –
we’re here to discover what the price is and, in
doing that, to potentially highlight what are
the major factors pushing it.”
He points out that one of the major factors in
all markets today, not just metal, is a
macroeconomic situation in which “there is
just a bottomless pit of cheap, close-to-free,
money.” That money has to go somewhere,
and one of the attractive places for it to go is to
LME
finance assets, he reasons: “So, for example,
you’re seeing large amounts of oil being Trading volumes on the LME have reached record levels during 2011
u
CLEARING A FUTURE PATH
When the LME announced a few months ago “Even if we don’t build our own clearing, we’re is a large amount of noise, and some activity, in
that it is looking at building its own clearing going to approach our relationship with clearing the clearing and exchange sector, and the LME
house, first light was shed on a path that could differently in the future. We intend to be more must weigh the impact of events on its own
lead to profound change at the exchange. pro-active. We intend to take more control over business.”
In explaining the thinking, Abbott sets out the the process and the value that’s generated. Our When Metal Bulletin Focus met Abbott for this
current situation: “Our clearing sits at LCH, which clearing generates a great deal of value, and over interview with him on 21 September, he referred
is a fine clearing house, but it is not difficult to the last five years we’ve been bringing value into to independent talks about a merger between
work out that we may not be the most important the exchange.” NYSE and Deutsche Bourse as part of that noise,
focus of attention at the LCH. Cash equities, Abbott points out that bringing the matching together with what were then two separate bids
interest rate swaps, repo clearance: we’re and registration service (MRS) in house has been for the LCH: one from Markit and another from
competing for attention there.” a commercial success: “More than 20% of our the London Stock Exchange. “All of that noise is
He admits that the exchange is probably trading-related revenue is derived from that not helpful to us in terms of us focusing on our
demanding a disproportionate amount of system.” The LME brought the Sword system in business.”
attention, but reserves the right to do so: “Like all house as well, because it wanted control over the The LME raised the volume of the hubbub on 23
institutions, we tend to think everything is about means of physical settlement of its contracts. “So September in another statement announcing
us!” we’ve been consolidating the critical systems that it had received several expressions of
He says that the LME has to look at other under our own control. The big value piece that interest with regard to potential strategic
options: “The clear alternative to us is to follow a still sits outside those walls is the clearing.” transactions: “The Board, which is being advised
well trodden path and verticalise our clearing: Abbott says that at root there is a clear choice by Moelis & Company, will begin a formal process
bring it in here.” for clearing: “Build it and just take it, or leave it in which may or may not lead to an acceptable offer
Abbott says that the very recent appointment an independent neutral clearing venue but for the company being received.” Abbott has
of Trevor Spanner as managing director of negotiate a deal whereby one participates more since told Metal Bulletin that the LME has
post-trade services, who he describes as a in the value creation.” received more than ten expressions of interest
“seasoned veteran of the clearing space”, is a The debate to ensue about clearing will now from potential buyers and has put a process in
good step forward in the LME’s project, but he take place in an even broader context. In a place to handle them, with a view to preparing
cautions: “It doesn’t signal that we’ve decided statement dated 19 September, the LME detailed proposals for the board in March next
finally to do something, but it does signal that confirmed that it had appointed Moelis & year. If the board approves one or more bid, it
we can make that decision.” Company as financial advisor and stated: “There will consult shareholders in April 2012.
6 | LME | October 2011
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LME 2011
Overview
financed. In the metals industry you’re seeing thousands of tonnes at a time. It takes time to be borne by the whole industry one way or
mainly, but not only, aluminium.” move it. If you go to the bank on a Saturday another, he asserts: “We think that there is a
Abbott says that no fault is implicit in the fact morning, you’ll wait longer to get your money line beyond which it is not sensible to go. It is
that aluminium is being financed: “It is a out than if you go on a Thursday afternoon.” up to the market to work itself out. We will
market factor.” Just one of the consequences Reminded of the fact that LME warehouse keep it under review.”
of aluminium being financed is that there are issues seem to rise to the top of the LME
millions of tonnes of aluminium in LME agenda every couple of years on a cyclical Asia accelerates
warehouse, only some of which is locked up in basis, he points out that they are the location The drive to promote the LME in Asia continues.
finance deals in such warehouses, which tend where the physical industry, the financing “We have found an enormous demand for
to be sitting in one or two key locations. industry, the trading industry and the information about the LME in Asia… So there is
“Therefore everybody who wants aluminium, merchants all come together: “It is always a lot of work to do with our members’
whether to consume or to finance, is going to going to be a tension point. The key for us is subsidiaries there. There is a lot of work with
those locations to get that metal.” Queues are that no rules have been broken. The system as everybody from listed brands, or potential
an inevitable consequence: “What’s a whole – not just the warehouses, but the listed brands, to warehouse companies, and a
happening in fact is that, thanks to the price discovery, everything – is working. It is huge amount of education work.” While a lot
transparency of the system, the fact of the not our job to fix the market, with a capital F. It of organisations may have several staff who
impact of financing on the metals industry is is our job to reflect the market. This is a factor are already familiar with the LME, the
plain to see, in that there are queues to get in the market.” exchange is sometimes asked how best to
material out of certain warehouses.” The LME has doubled the load-out rate for spread knowledge to other team members:
Abbott says that those queues are not full of certain circumstances, but Abbott says the “The position of Asia as the key driver of
consumers, despite the efforts of some to exchange thinks there are physical and fiscal activity in commodities is not changing. If
claim that delays are perverting the industry constraints on going much higher than that. anything, it is actually accelerating.”
supply-demand picture. “The fact is that Forcing someone to shift twice as much of Abbott declines to discuss specific
finance houses are block booking hundreds of something increases costs, which will have to applications for new LME membership, but
confirms there are applications in the works
“that will make it clear that there is acceptance
REGULATORY DANGER in Asia that the world benchmark price is
How does Abbott view the potential effects cobalt, industry players will say we’d love to here.”
of political influence over proposed changes use it but we need more liquidity. Well He says that the Asian benchmark price
to financial regulations that could affect the where will that liquidity come from? That’s introduced by the exchange has worked well.
exchange? what speculators do: they provide liquidity “Nothing settles against it and we don’t clear
“As I said at a G20 meeting I spoke at, our that allows the industry to get in and out of against it, so it’s not like our other key points
preferred route would be if they just weren’t their risk.” He stresses that there is a in the day… This one has no market function
thinking about it. Because no-one has yet “perfect partnership” between the hedger specifically related to it.” But he explains that
presented me with even a shred of evidence and the speculator. the minimum turnover – preset before the
that the commodity markets played any role “We also then need to look at some of the benchmark was launched – in each of the
in the global financial crisis.” granular regulations. There has been lots of contracts needed to determine the price is
He is concerned that there is a big political talk about position limits. Nobody with any nearly always exceeded now. Some people use
push to change regulations: “And that knowledge of markets believes that it as an internal reference when they are
political push signals a real danger, which is position limits have any impact on making internal valuations of their books. “If
that politicians are trying to regulate controlling markets, but unfortunately in time we see that liquidity starts to coalesce
outcomes rather than processes. They want nobody with any real knowledge of markets around it, then maybe it can get some kind of
lower prices but have not thought through is making the rules at the moment, so that’s elevated role, but I think we’re some time
what that might mean.” He points out that the problem we’ve got. away from that.”
half of the G20 countries actually produce “However, the people with the In another move, the LME’s average price
the commodities at issue, so politicians knowledge are advising and are drafting swaps will be put into clearing and on to
who call for lower prices are not welcomed and are involved in detailed Select. Wrapping up foreseeable LME priorities
by all. implementation. There is an understanding for the coming year, Abbott lists: resolving the
Abbott says that if senior European that bad regulation will force bad LME’s internal debate on how to address
politicians decide that lower prices are a outcomes. So, I think we’re going to have a clearing; further work to bed down new
good thing, but then set out to achieve that pragmatic outcome to the whole regulatory products and services, whether it is precious
through regulation, that actually is market debate.” metals clearing – on which work continues for
manipulation. He is resigned to such He says that the LME’s lending guidance is gold with plans for extension into silver, and
political interference in market forces designed to, and does, prevent settlement potentially platinum and palladium in the
simply being another market factor to take squeezes. “That’s the best thing that future – minor metals or steel, plus average
into account. “Politicians will interfere in position limits can hope to do. So we’ve price swaps soon; and further product
things about which they know nothing and already got it. When you look at the development work.
they will make bad decisions. Our job is to proposals coming out in Europe, they talk “We have to be as good at identifying the
try to mitigate those decisions.” about position limits or ‘other mechanisms’ things we don’t want to do as the things that
He thinks that a message is getting across – that’s us!” For a physically delivered we do want to do. Ruling stuff out for the right
that speculation is not the reason for high market, the lending guidance is as good as reasons is just as valid as ruling stuff in,” says
price levels in markets: “If you talk to it is ever going to be, says Abbott: “It is Abbott on product development. “There is a
people about the steel, the moly and the good.” lot of work going on for our ‘blue skies
thinking’,” he concludes.
8 | LME | October 2011
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LME 2011
North America
CME clears the
opportunities for innovations in the
non-ferrous metals too.”
Jonathan Putman, chairman and chief
executive officer of the Birmingham Futures
Exchange, Birmingham, Alabama, USA,
way for metals
observes that the volumes cleared on the
CME for the CME’s hot-rolled coil and other
OTC contracts have been picking up fairly
dramatically as more people are becoming
comfortable with these contracts.
Metals and their raw materials are high on the Record volumes
agenda of the CME Group, as it widens its range of CME announced that exchange-wide
trading volumes hit an all-time record of 17.1
derivatives to manage risk in the sector, million contracts a day in August, up 46%
from a year earlier, with month-end open
reports Myra Pinkham interest reaching 100 million contracts, up
7% from August 2010. A record 522,000
metals contracts a day were traded in
August (including those transacted through
the exchange’s ClearPort platform), which
was a 131% increase from the 226,000 a day
traded in August 2010.
“We look to continue to work with
international clients and to build upon our
international electronic trading with
them,” Hunnable says, observing that
about 90% of the volumes on CME’s metals
derivatives contracts are traded
electronically through its Globex and
ClearPort platforms, which provide 23-hour
per day access to the exchange’s metals
contracts for bilateral clearing by the CME.
The CME expanded its clearing capabilities
this spring by establishing its CME Clearing
Europe subsidiary, which began clearing OTC
commodity derivative contracts in May. This,
Hunnable explains, enables trades to be
cleared by a European clearing house as well
as the one in the USA: “This allows traders to
be in contact with someone who is more
local, someone in their own time zone.”
CME GROUP
“The start of clearing at CME Clearing
Europe is timely in light of the need for
Market volatility is expected to drive an expanded range of metals-based derivatives enhanced risk management in commodity
markets and the imminent legislative
Increased volatility in the steel and metals of which have international benchmarks – change mandating clearing of OTC
markets has prompted many North continue to play a special role in the derivatives,” Andrew Lamb, the subsidiary’s
American and international companies to derivatives market, there is also a lot of ceo, said in statement, in which he noted a
turn to the range of metals derivatives, interest in the iron ore, coking coal and dozen initial clearing members of the new
including futures, swaps and options steel markets to manage risks using these clearing house. In addition, Citibank will
contracts, offered by the Chicago-based CME instruments: “We are seeing many more join Barclays Bank Plc and JP Morgan as
Group. clients becoming aware of the contracts we settlement banks for CME Clearing Europe
“We are definitely seeing increased offer.” and its clearing members.
volumes for our metals derivative Hunnable adds that in the past year or so Hunnable says that the OTC London gold
contracts,” says Harriet Hunnable, the exchange has announced a number of forwards contract, a 100 fine troy ounce
managing director of the exchange’s metals product innovations aimed at the North contract that is already clearing in the USA
group. “While a lot of this is attributable to American market and international clients. – listed on Comex for clearing by the CME
what is going on in the US and global “We plan to keep on launching new through CME ClearPort – will start to be
economies on a macro level, it is also contracts. We continue to invest resources to listed on the European clearing house in
because of what CME is doing to offer develop new ferrous contracts, not just October. It will join several other
increased transparency and risk aimed at our US clients but those in Europe, commodities contracts, including eight OTC
management.” She notes that while the Asia and elsewhere in the world as well. contracts based on the Dubai Mercantile
exchange’s gold and silver contracts – both Meanwhile, we also continue to see great Exchange’s Oman crude oil futures
u
October 2011 | LME | 11
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12 | LME | October 2011
LME 2011
North America
contract and an OTC derivatives contract surprising that this contract had a bit of a
based on rapeseed oil prices. slow start, says Brad Clark, a derivatives CME AVERAGE DAILY VOLUMES*
CME has also increased the capacity of its broker for the St. Louis branch of Freight Product August July June May
electronics platforms to provide price Investor Services (FIS), as many traditional Interest rates 7,095 6,572 6,449 6,299
hedging mechanisms across all metals participants in the flat-rolled steel market Equity index 3,745 3,051 2,842 2,852
categories offered by the exchange, had not previously used financial Foreign exchange 954 946 918 928
instruments to hedge their pricing risk. Energy 1,695 1,683 1,757 1,769
Hunnable says. “Response to this has been
Agriculture 1,074 1,054 1,159 1,117
very good, as is measured in interest,” she More, however, are doing so now, given the Metals 411 388 403 416
says. “There has been an increase in the recent increased volatility in both flat-rolled Total 14,974 13,695 13,528 13,380
number of contracts that we quote.” steel and steelmaking input prices.
While its new ferrous contracts get the “While steel has been late to come into the Venue August July June May
most press, the CME has also recently added market, more companies are now looking to Open outcry 1,573 1,391 1,393 1,386
Electronic 12,701 11,658 11,454 11,312
several new gold derivative products. As of use financial mechanisms to lock in prices
Privately negotiated 275 236 242 222
July 16, CME has offered daily short term for the future,” he says. CME ClearPort (OTC) 426 409 438 460
options contracts available Monday through “I think that the steel contract will follow
*’000 contracts, rolling 3-month averages for month ending.
Friday for gold, as well as for crude oil and the aluminium model,” Putman says. “It Source: CME Group
natural gas. took about a decade for the Comex
“Recent global macroeconomic events and aluminium contract to grow. I don’t think
volatility underscore the need for tools to the HRC contract will take quite as long, 100-tonne swaps contract based on Platts,
enable market participants to manage their however. It should continue to grow launched April 18; a mixed No. 1 and No. 2
basis risk every day,” Hunnable declares, exponentially.” heavy melting steel scrap (80/20) cfr Turkey
adding that the new short-term gold There continues to be some resistance, 50-tonne swaps contract based on Platts,
options contracts “will provide customers especially from the large steel mills, launched April 18; two Australian 1,000-
with much greater flexibility to manage the observes Christopher Plummer, managing tonne coking coal swaps contracts based on
risk associated with government economic director for Metal Strategies, West Chester, Platts, launched July 25; an Australian 1,000-
data, world events and other market- Pennsylvania: “They are concerned about a tonne coking coal low-volume swaps
moving factors, while enabling them to loss of upward pricing power and that contract based on Platts, launched August
benefit from the lower cost associated with speculators could drive prices in a negative 29; and an Australian 1,000-tonne coking
short-dated options.” direction.” However, the volatility in the coal low-volume swaps contract based on
These short-term options contracts have steel industry, which has worsened with Argus, also launched August 29.
daily expiration dates listed up to five days iron ore and coking coal moving to quarterly Hunnable observes that steelmakers use
in advance. They are cash settled European pricing, is not acceptable to a lot of end different grades of iron ore and/or coking
style and are listed for electronic trading on users, including such large OEMs as coal from region to region. “With our Virtual
CME Globex and clearing through CME automakers and appliance producers, as Steel Mill, traders are able to buy the
ClearPort. well as building contractors, pipe producers material where they want and manage their
Hunnable says that the CME’s E-Micro Gold and other users of hot-rolled steel. price. It gives them the ability to hedge risk
futures contract, which it launched in a way that is right for their specific region
exclusively on CME Globex in October 2010, Virtual steel mill and they can manage that risk using a
became fully fungible in mid-September. Hunnable says that the launch of CME financially settled, not physically settled,
This is a 10 ounce gold contract – one tenth Group’s ‘Virtual Steel Mill’ enables users to contract, giving them the ability to source
the size of its 100 ounce full-size gold trade and clear contracts to reflect specific the metal however they like.”
futures contract. While it carries a smaller input costs. She says that it enables them to She says that the CME will be offering
initial margin requirement and has lower pick specific components to hedge for risk further ferrous and non-ferrous products in
trading fees than the standard gold contract, management in light of the complexity future, but she will not comment as to what
it offers the same investor safeguards of intrinsic in the steel market. types of contracts are being considered.
trading in CME’s regulated environment. This is in addition to the clearing of the Clark says that there have been early
Open interest for this contract has been iron ore swaps contract based on The Steel discussions between index providers and
steadily growing, reaching 4,594 contracts as Index’s prices launched in July 2010 and clearing houses for a US domestic scrap
of September 19, which the CME views as very another iron ore swaps contract based on contract. He says it is possible that either a
good for such a new contract. Volumes are Platts pricing launched in October 2010, shredded or HMS contract could be launched
also progressing, reaching as high as 7,889 a which Clark says, while starting slowly, as early as the end of this year or early next
day. “have become ingrained in the way we are year. Putman says that he has been pressing
On the ferrous side, Hunnable says that the doing business in the iron ore trade.” the CME to add a steel plate and/or a rebar
exchange’s US Midwest hot-rolled steel coil The CME Virtual Steel Mill includes a long contract.
futures contract – a cash-cleared product in list of steelmaking raw material and steel In any case, given the volatility in the
20 ton units that is both listed and cleared contracts: an iron ore fines (62% iron) cfr marketplace, it is very likely that more North
on the CME – has been growing successfully. China 500-dry-tonne swaps contract, based American, and international, metals
Open interest was 9,442 on September 19 on The Steel Index, launched March 14; an derivative contracts will appear. “Steel
and was as high as 13,000 at the beginning iron ore fines (62% iron) cfr North China futures don’t make volatility go away, but
of August. 1,000-dry-tonne swaps contract based on they make exposure to that volatility
“It has been an uphill struggle, but the Platts, also launched March 14; a European optional,” Putman concludes.
contract seems to be becoming more HRC ex-works Ruhr, Germany, 50-tonne
successful as companies begin to get their swaps contract based on Platts, launched The author is a specialist writer based in
toes in the water,” Putman says. It is not April 18; a steel billet fob Black Sea New York.
October 2011 | LME | 13
LME 2011
Asia
Plenty to play
“Foreign players still can’t participate on the
Shanghai Futures Exchange and that is one of
the reasons why China and the exchange isn’t a
price setter for global commodities,” Yang
Maijun, general manager of the exchange, said
for in Asia
at a forum earlier this year.
In the past year, and especially since the start
of this year, the exchange has seen the impact
of China’s programme of economic tightening.
Beijing, in an attempt to cool economic growth
and target its top policy enemy – inflation
While the centre of gravity of the physical steel and – has tried to put a lid on commodity
metal worlds has long since shifted towards Asia, speculation. In November 2010, the exchange,
which operates under the management of the
exchange-based steel and metal trading still has state, introduced a range of measures to curb
excessive speculation, including higher
strong roots in its traditional locations in the West. margins and trading fees.
The result was a big slump in trading volumes
How will future metal trading evolve in Asia? this year as small-scale trading companies cut
speculative activity or pulled out of trading
One feature of the metals market turmoil which Interest in the minis contracts (copper, altogether. The successful rebar contract, for
erupted in August this year was a realisation aluminium and zinc) initially looked healthy example, saw 67% less trading in the first half
that trading in Asia was setting the agenda and there was a flurry of trading. But trading of this year.
more than in the past. Major price movements volumes have declined since and the contracts This eventually prompted the exchange to
were taking place on Select while many LME have yet to take off (see first supplement ease trading rules and reverse the decline in
traders based in London were still asleep, and a article). trading: in July this year, it slashed the
large amount of business was being transacted Another significant focus for the LME in Asia is transaction fees on its copper and rebar
before they started work. The fact that big to bring more warehouses under its wing. The contracts, and cut trading margins on its
percentage moves across all metals were taking LME would like to have approved warehouses relatively new lead contract. Aside from
place outside of customary working hours in on mainland China, but that ambition has measures to tighten trading conditions, one of
London was seen by some as reflecting an been frustrated because China’s authorities the key policy initiatives at the Shanghai
inevitable structural shift. have placed a blanket ban on warehouses exchange in the past year was the start of a trial
The downgrading of US credit, deficit being used as approved delivery points for under which material in bonded warehouses
wrangling, and European debt crises have overseas exchanges. could be used for settlement against SHFE
brought into sharp focus the fact that the The next warehousing move should contacts.
centre of gravity of the world economy has consequently be to secure a new location as
shifted radically towards Asia. This trend has close to mainland China as possible, but this Iron ore shifts
been obvious in base metals for the best part of has also taken longer than expected. In Asia, Another major development in exchange
a decade, with China becoming by far the the LME licenses warehouses in Singapore, trading has been further development of
biggest single consumer, producer and crucial Malaysia, Japan and South Korea. According to exchange-traded iron ore contracts in
market factor across the whole metals and raw public statements it has settled on Taiwan as its Singapore.
materials complex. next location, because of the relative proximity The radical shift in the iron ore market away
All this has yet to be fully reflected in the to the Chinese mainland. from annually negotiated prices to index-
world of exchange trading and futures markets. In mid-2010, LME officials said they hoped to linked pricing has opened up a huge new area
The fact that traders in the London metals open a new warehouse in Asia by the end of of opportunity for the risk management
community were enduring sleepless nights that year, but the plan for an LME-licensed community, who want to persuade
because of Asian trading is surprising more for location in Taiwan is not straightforward. “I steelmakers that they need help managing the
the fact that it is only happening now, rather think that it may be Q1 2012, but I’m not sure if new volatility in their key raw material.
than the fact it is happening at all. Q1 is an achievable date; it depends on various The Singapore Mercantile Exchange, a
The LME looked to address this shift when it things [such as] people looking at tax newly-launched commodities exchange in
opened its office in Singapore last year. The two regulations,” William Chin, senior manager of Singapore, started trading iron ore futures in
main public developments announced by LME LME Asia, told Metal Bulletin recently. August this year, using the Metal Bulletin Iron
Asia over the last year were the launch of an Ore Index as its reference price. This added to
Asian benchmark price in January of this year, Shanghai Futures Exchange another iron ore swaps contract already
and then, in February, the launch of the The Shanghai Futures Exchange (SHFE) could operating in Singapore.
mini-futures metals contracts jointly with the become a major rival to the LME in Asia, but However, the financialisation of the iron ore
Singapore Exchange. China’s biggest commodities exchange is still at sector is at a very early stage, and the eagerness
The idea of the first was an acknowledgement a relatively early period of development itself. of banks and brokers to provide their hedging
of the growth in trading volumes in Asia, and an While prices on the SHFE are an important expertise has so far been met by some clear
initiative to provide a reference price for Asian component of the copper and base metals obstacles: the difficulty for Chinese firms (the
hours. The second, the mini-futures, were markets, the non-convertibility of the yuan major consumers of iron ore) to use contracts on
intended to generate greater interest in LME and restrictions on foreign participation in overseas exchanges, and the need to overcome
metals by providing a small-lot, more accessible China’s markets mean the SHFE’s real pricing a general suspicion or lack of knowledge about
platform, particularly for retail investors. influence is limited for now. commodities hedging in the steel industry.
October 2011 | LME | 15
LME 2011
Base metals outlook
Aluminium HISTORICAL AND FORECAST QUARTERLY LME
Primary aluminium has performed well in the base metals complex this year, in
spite of the ‘aluminium mountain’ that has built up in LME warehouses, which ALUMINIUM CASH PRICES ($/TONNE)
started the year at under 4.4 million tonnes and in late September was some
3,500
4.6 million tonnes, having peaked at 4.7 million tonnes in mid-May. It is
estimated that 70-75% of this inventory is tied up in long-term financing deals,
and is thus not immediately available to the market. This situation could
continue as long as there are very low interest rates and a forward contango for 3,000
aluminium that covers the cost of financing.
The official LME cash price started the year at just under $2,500/tonne, rose to a
peak of $2,772/tonne towards the end of April and has been on a gradual
downtrend since, dipping below $2,200/tonne in late September. 2,500
MBR still sees the outlook for aluminium dominated by oversupply, even after
trimming production forecasts to allow for some price-related cutbacks in the
wake of the recent sell-off. However, with interest rates remaining low and the
2,000
aluminium market maintaining a contango, warehouse rent deals will
continue to play a dominant role in the aluminium market, absorbing much of
the surplus. This will help to keep the market tighter than it would otherwise
be. Together with support from marginal cost of production, this will help to put 1,500
a floor under aluminium prices.
MBR forecasts
Following modest downgrades to MBR’s price forecasts in the wake of the
Historical
unexpectedly steep sell-off across the base metals complex in September, the
latest annual average cash price forecasts for aluminium are $2,503/tonne for 1,000
Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec
2011 and $2,603/tonne for 2012. 05 06 06 07 07 08 08 09 09 10 10 11 11 12 12
Source: LME, MBR
Copper HISTORICAL AND FORECAST QUARTERLY LME COPPER
Copper set record prices in early 2011, peaking at $10,148/tonne (LME official cash)
on February 14. Until mid-September, it had been moving in a range from CASH PRICES ($/TONNE)
$8,700-10,000/tonne, until recent macroeconomic pressures pushed it below
10,000
$7,300/tonne.
Supply-side problems have kept the copper market buoyant for several years,
and MBR estimates that there may be a small deficit of about 100,000 tonnes 9,000
this year: in other words, the fundamentals are finely balanced. According to
the International Copper Study Group, world apparent usage grew by a modest 8,000
1% year-on-year in the first half of 2011, while there was an apparent refined
copper deficit of 130,000 tonnes. 7,000
Even factoring in a mild recession in Europe and the USA, MBR still sees the
global copper market remaining in deficit next year, which should underpin
6,000
prices with a solid fundamental base. MBR expects Chinese buying to be
stronger at lower prices. This view is supported by rising Chinese import volumes
in June, July, August and, no doubt, September and even October too, given the 5,000
strong premiums, demand for LME warrants in Asian warehouses, and the
wide open SHFE-LME arbitrage window. 4,000
On the supply side, as always, the risks to forecasts are on the downside
owing to the copper mining industry’s struggle against low ore grades and
3,000
MBR forecasts
many other sources of disruptions – not least labour disputes. Contract
Historical
negotiations hang over significant operations in Canada, Chile and Peru
2,000
between now and the end of next year, so potential disruptions will once again Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec
play an important role in defining price direction for copper. 05 06 06 07 07 08 08 09 09 10 10 11 11 12 12
Overall, copper’s robust long-term fundamental picture is unchanged and
MBR sees prices recovering from September’s excessive sell-off, albeit slowly at Source: LME, MBR
first. MBR’s latest forecast for 2011 is $9,007/tonne and $9,200/tonne for 2012.
16 | LME | October 2011
Lead HISTORICAL AND FORECAST QUARTERLY LME LEAD
Lead peaked at $2,939/tonne (LME official cash) in April, and has since stayed
mainly in the range around $2,300-2,700/tonne. However, market gloom in late CASH PRICES ($/TONNE)
September depressed it to under $2,000/tonne. LME stocks have been generally
4,300
rising all year from 210,000 tonnes at the start, with the increase accelerating
recently to over 374,000 tonnes. However, this only represents about 2 weeks’
demand. 3,800
The International Lead and Zinc Study Group (ILZSG) reports an apparent
refined lead surplus of 127,000 tonnes in January-July, compared with 57,000 3,300
tonnes in the same period of 2010. Lead fundamentals have being affected on
both the supply and demand side, but the latter will be especially hit in any 2,800
economic slowdown by falling new car sales.
Lead’s fundamental outlook hinges on the balance between disruptions to
2,300
lead consumers and lead producers in China. Government clampdowns have
targeted battery makers and recyclers this year, and the net effect on the
supply-demand balance, both in the short term and medium term, is still not 1,800
entirely clear. MBR continues to err on the bullish side and forecasts a net deficit
in the global market in 2011. 1,300
Demand is set to remain robust, and traditionally lead is more recession-
resistant than other metals, but also in lead’s favour are supply disruptions 800
MBR forecasts
outside China – the Magellan mine in Australia and the La Oroya smelter in Peru
Historical
are still closed at present. Furthermore, in terms of weeks of consumption, lead
300
is still one of the tightest base metal markets, second only to copper. So MBR Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec
forecasts a relatively robust price performance next year, with prices averaging 05 06 06 07 07 08 08 09 09 10 10 11 11 12 12
$2,575/tonne after this year’s expected $2,461/tonne.
Source: LME, MBR
Nickel HISTORICAL AND FORECAST QUARTERLY LME NICKEL
Nickel, starting the year at over $25,000/tonne, peaked at $29,920/tonne in late
March, and has since been trending downwards, with the settlement falling CASH PRICES ($/TONNE)
below $19,000/tonne in late September as world economic worries spread. But
55,000
LME stocks have also been steadily falling, from 137,000 tonnes at the start of the
year to under 98,000 tonnes in late September. 50,000
The International Nickel Study Group reports an 8,000 tonne refined metal
deficit in January-July, with primary production at 891,100 tonnes. In spite of 45,000
the delays to several high-technology HPAL nickel projects, plus other mine
disruptions, global mine output is reported to have risen 20.8% year-on-year 40,000
in this period.
Despite being in a genuine supply deficit in the first half of the year, MBR has 35,000
flagged up for a long time that nickel is moving into surplus. Moreover, with so
30,000
much new ferro-nickel and nickel pig iron (NPI) capacity ramping up and more
due on stream in the coming years, nickel risks becoming like aluminium and
25,000
zinc – perceived as being in perpetual oversupply. Admittedly, HPAL projects
have seen major delays, but the market has moved into surplus without them. 20,000
Moreover, metal from these projects should start flowing next year. Although
they will ramp up slowly, they have finally arrived and their production must be 15,000
included in supply-demand balances.
MBR forecasts
Even with some NPI swing capacity coming off line at current prices levels, 10,000
Historical
MBR still forecasts a significant surplus next year. Furthermore, a deteriorating
5,000
macroeconomic outlook now makes the surplus overhanging the nickel market Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec
appear even greater. Against this backdrop, MBR has a bearish outlook for 05 06 06 07 07 08 08 09 09 10 10 11 11 12 12
nickel, with production costs of China’s NPI sector helping to set a floor and cap
the upside for price. MBR’s latest forecast for 2011 is $23,279/tonne and the 2012 Source: LME, MBR
forecast is $22,625/tonne.
October 2011 | LME | 17
LME 2011
Base metals outlook
Tin HISTORICAL AND FORECAST QUARTERLY LME TIN CASH
Tin – a less liquid market than the other base metals – reached a record $33,255/
tonne on April 11, and stayed above $23,000/tonne until mid-September. Along PRICES ($/TONNE)
with other base metals, it was then hit by wider economic concerns and dipped
35,000
to under $20,000/tonne on September 23. LME stocks were about 16,500 tonnes
at the start of the year and peaked at over 23,000 tonnes in mid-August, but
have since fallen slightly. LME cancelled warrants averaged 14.8% of stocks in
30,000
mid-September – the highest of the base metals – which should indicate strong
fundamentals.
Indonesia, the world’s biggest tin exporter, had been on course to achieve
25,000
significantly higher shipments this year: the January-August total was 67,990
tonnes, a 13% year-on-year increase. However, the sell-off in September
plunged prices deep into the tin industry’s cost curve and below the marginal
20,000
costs of production for swing producers in Indonesia. The response has been
remarkably rapid, with reports of private smelters halting production even
before prices have finished falling.
15,000
This was followed, within days, by news that all 28 producers in the country
had agreed to cease exports from October 1, citing break-even costs of $23,000/
tonne and a target of $25,000/tonne before exports will resume. Swift action
10,000
like this has drawn a line under tin prices. In addition, LME cancelled warrants
MBR forecasts
surged as prices fell, illustrating that consumers appear to be scrambling for
Historical
metal.
5,000
These responses by both the supply side of the tin market and the demand Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec
side reinforce MBR’s bullish view of the fundamental position tin is in. MBR 05 06 06 07 07 08 08 09 09 10 10 11 11 12 12
continues to forecast a deficit next year, though smaller than this year’s
shortfall. Prices now have good fundamental support and the forecast is for an Source: LME, MBR
annual average of $26,854/tonne this year and $27,250/tonne in 2012.
Zinc HISTORICAL AND FORECAST QUARTERLY LME ZINC CASH
Zinc has had a fairly volatile year, with the price ranging between over $2,500/
tonne in February to falling below $1,900/tonne in late September. Although PRICES ($/TONNE)
demand is fairly good, its problem is that production has been even better, and
4,700
LME stocks climbed from around 700,000 tonnes in January to nearly 900,000
tonnes in July. These have since been reduced to about 830,000 tonnes in late
September. 4,200
The global zinc market was in surplus by some 237,000 tonnes in January-July,
according to ILZSG. This compares with 140,000 tonnes in the same period of 3,700
2010.
Like aluminium, zinc has become a market dominated by oversupply, with 3,200
warehouse rent deals playing an increasingly important role in ring-fencing the
surplus. This is keeping the market feeling tighter than it might otherwise have
2,700
been. But it does not change the fact that too much zinc has been produced in
recent years. Sentiment in some quarters is starting to turn less bearish on zinc’s
fundamentals, but MBR is not convinced yet. Admittedly, the closure of some 2,200
major mines will help to tighten the concentrate market in a few years. But
when the tightness seeps into the refined market, the large overhang of metal 1,700
held in warehouses will provide a more than adequate cushion.
Moreover, falling LME stocks should not be mistaken for a bullish signal – the 1,200
MBR forecasts
metal is not going to consumers, but rather into warehousing deals. And with
Historical
oversupply forecast to continue next year, stocks are only going to rise again.
700
Likewise, falling TCs and a tighter concentrate market are due to excess smelting Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec
capacity (largely in China), not falling mine production. So this apparently 05 06 06 07 07 08 08 09 09 10 10 11 11 12 12
bullish fundamental indicator seems misleading too.
MBR therefore cannot be bullish on zinc from a fundamental perspective and Source: LME, MBR
its forecasts are for $2,223/tonne in 2011 and $2,210/tonne in 2012.
MBR’s Base Metals: Weekly Market Tracker provides unique and independent market and price overview of the
base metals industry. Including short-term technical analysis highlighting key trading opportunities across the
base metals complex and market price forecasts extended to cover the full range being offered by the LME.
To take a two week free trial to Base Metals visit www.metalbulletinresearch.com/freetrial or for more
information email marketing@ metalbulletinresearch.com
18 | LME | October 2011
LME 2011
Assayers
Assayers foresee rising
demand and competition
As mining, minerals trading and exploration expand, so the assaying and
inspection businesses must keep up. Steve Karpel finds out where the main
demand is for assayers and how they plan to become more competitive
Assaying and inspection is a vital aspect of the
metals and mining business, and without the
independent analysis and arbitration provided
by assayers, much of the international trade
and exploration in metals and minerals that is
carried out around the world would become
very problematic. Consequently, the health of
the metals and minerals assaying business can
be regarded as a good indicator of the
buoyancy of this sector.
Assayers began to recover last year from the
“credit crunch” year of 2009, and demand for
their services has continued to improve this
year. “We are seeing significant strengthening
of the business, led by gold and iron ore,” says
Russ Calow, vp of global geochemistry for the
minerals services division of Swiss-based SGS.
“We are back to over 2008 levels, in terms of
volumes and income, and we are heading to
all-time highs this year,” he states.
A very large inspection, testing, verification
and certification company, SGS employs over
INSPECTORATE
65,000 people across 1,250 laboratories and
offices, operating in 10 business segments. The
group’s revenues increased by 12.8% year-on- Assayers have been investing in new laboratories around the globe
year to CHF 2.3 billion ($2.57 billion) in the first
half of 2011. The minerals services division large numbers of samples, compared with the in Monrovia, Liberia, which will be officially
showed particularly strong growth, increasing fewer analyses needed when ores or opened this month. Gold is another significant
24.6% year-on-year to CHF 323 million. concentrates are traded, notes Graham growth sector in West Africa, and not only in
This correlates with forecasts for a new peak Stewart, commercial director of UK-based Alex the well-established Ghana, Calow adds.
in mining exploration budgets this year. The Stewart International. Other in-demand minerals for advanced
Metals Economics Group (MEG), Canada, Calow points out that there is now significant technologies are seeing increases in
forecast last month that non-ferrous greenfield exploration for gold, with miners exploration, notably lithium and rare earths,
exploration budgets for this year (relating to venturing into new areas. There is also a but these are still quite small sectors compared
precious and base metals, uranium, diamonds considerable number of iron ore projects as with the giant iron ore and gold businesses,
and some industrial minerals) will exceed US$17 well, although these tend to be revivals in areas Calow observes.
billion. This represents a 50% increase from first explored several decades ago, he notes. While precious metals are showing strong
2010 and would be an all-time high. growth this year, the solid fuels business also
With gold reaching record prices this year, it is West African potential continues to develop strongly, says Gary Potter,
not surprising to find that it is the top One particular region is leading the field for Non Ferrous Sales & Marketing Manager for
exploration target. MEG expects gold to iron ore exploration, says Calow – West Africa, UK-based Inspectorate International. “We
contribute about one half of the total global where he expects “significant long-term have seen good growth in Indonesia and the
non-ferrous exploration budget, for the growth” in countries such as Liberia, Mali and Latin American markets this year,” he says,
second successive year. Copper is in second Burkina Faso. SGS is planning to double its adding: “An outstanding achievement has
place, and is forecast to account for about a facilities in Burkina Faso, and will be been winning the contract for sampling and
fifth of the exploration total. expanding in Mali and Ghana as well, he adds. testing services at the Richards Bay Coal
Exploration, in particular, represents The company has also set up “the only Terminal in South Africa, against very strong
significant work for assayers as it generates commercial iron ore laboratory in West Africa”, competition.”
u
October 2011 | LME | 19
Your Global Network
of Inspection & Analytical
Laboratory Services
For more than 30 years, Alex Stewart Main Activities
Inspection services
International Corporation (ASIC) has Laboratory and Analytical Services
provided inspection and analytical Weighing, sampling and sample preparation
services for base, minor and Quantity & Quality reports
Certification
precious metals, including jewellery, Technical consultancy services
ores and concentrates, ferro alloys, Training
recycled scrap metal, complex
Inspection Services
materials and plastics. Pre-shipment inspection
Proof on arrival inspection
ASIC Operations Today, the network of regional Alex Stewart Vessel condition surveys
Argentina companies spans over 40 countries and delivers fast, Supervision of bulk cargoes – load/discharge
Australia flexible and comprehensive inspection, analytical and Weighing, sampling and sample preparation
laboratory services to the metals and minerals Stockpile sampling
Bolivia
industry, with coverage at all major ports and CMA, goods release and warehouse control
Brazil refineries. By maintaining a dedicated, friendly and Radioactivity testing
Bulgaria trustworthy business relationship with clients, ASIC
Chile provides unparalleled technical support. Laboratory Services
China Commercial analysis
Ecuador Our mission is to provide professional inspection and Production analysis
analytical services that conform to internationally Geochemical analysis
Egypt
accepted standards – and, by meeting all contractual Sample preparation
Estonia specifications, to protect clients from unnecessary Traditional wet chemistry
Finland financial claims. Our inspectors are conversant with Fire assay/AA
Gabon all accepted sampling and weighing procedures. ICP-MS/OES
India XRF
A Name To Trust In Business
Indonesia
Inspection and analytical services combining a
Iran
unique competence – ASIC employs qualified,
Iraq experienced chemists and inspectors to deliver
Japan precise and prompt quantity and quality reports and
Kazakhstan certificates. Our professional and knowledgeable
Korea team provides a dedicated, high-quality service that
meets the specified requirements and demands of
Latvia
the metal industry, mining companies, traders, metal
Macedonia producers and refiners, governments, banks and
Malaysia financial institutions and the general public.
Norway
Peru Alex Stewart International Corporation bases its
Philippines activities on the principles of responsibility,
impartiality, professionalism and confidentiality.
Portugal
Romania
Rwanda
Singapore
Spain
Syria
Taiwan
Thailand
Alex Stewart
Turkey
(International) Corporation
United Kingdom
Ukraine 20 Sefton Business Park, Netherton, Liverpool
Merseyside L30 1RD United Kingdom
United Arab Emirates
T: +44 (0) 151 525 5438 F: +44 (0) 151 530 3760
United States E: alex.stewart@alexstewartinternational.com
Zambia www.alexstewartinternational.com
LME 2011
Assayers
For Mitra SK, based in India but with aspect of its three-pronged strategy.
locations mainly around Asia, the growth LME APPROVED ASSAYERS Unveiling its strategic plan to 2015 last
drivers are those minerals associated with Laboratory Services International BV, month, the company said that it aims to
these areas. “The commodities that will drive Rotterdam, The Netherlands achieve average annual revenue growth of
our growth are coal, coke, chrome ore, 9-12%, with a global revenue of €5 billion
RC Inspection BV, Rotterdam, The Netherlands
manganese ore, ferro-alloys, and, and 80,000 employees by the end of 2015.
increasingly, the base metals,” says Alan SGS Nederland BV, Spijkenisse, The Netherlands “Consolidation will almost certainly
Hope, business development director. “The Inspectorate (Singapore) Pte Ltd, Singapore continue with the larger inspection
countries which will grow fastest are companies maintaining their geographic and
Indonesia, South Africa, China, India and Alex Stewart Assayers (S) Pte Ltd, Singapore complementary market acquisition
Turkey,” he adds, noting that apart from Stewart Inspection and Analysis Ltd, Prescot, UK strategies,” says Hope. But he sees this as an
these major mineral exporters, Mitra is also opportunity for independent assayers: “As
Alfred H Knight International Ltd, St Helens, UK
focusing on smaller strategic suppliers such companies increase in size they inevitably
as Oman, Sudan, Zambia, Mozambique and Inspectorate International Ltd, Witham, UK run the risk of becoming less focused in
Thailand. meeting the needs of their customers. This
Source: LME
Mitra’s central laboratory in Kolkata is now creates opportunities for the medium sized
preparing to apply for LME LSA listing. companies, such as Mitra, which provide a
While assayers will consider setting up the region, while complementing the more personal and differentiated service, to
facilities anywhere in the world where there company’s main laboratory in Mendoza. carve out a niche for themselves and grow in
is a demand for their services, the ease with “There was a need for a fire-assay laboratory their chosen sectors.”
which this can be done varies considerably in this area to speed up analysis,” Stewart
between countries. There may be equipment says. Competition intensifies
sourcing problems, visa restrictions on Whether or not companies become merged
technical staff, import duties and various Consolidation continues into larger groups, assayers expect
bureaucratic delays, Hope comments. Consolidation has been another notable competition in the sector to become more
“All these problems add to delay in project trend in the assaying business, with the intense in future. “Competition has always
implementation and sometimes create major players aggressively expanding, been keen in the inspection business,”
hurdles for service delivery. In certain although the smaller independents are Potter says. “Over the past few years,
countries, business is done on relationships determined to stay that way. “We tend to Inspectorate has invested heavily in new
and the discretionary powers of decision grow organically, not by acquisition. laboratories, acquisitions and the expertise
makers, while in other countries, decisions Consolidation is a trend but we are to develop key areas. We have also worked
are based on laid-down procedures which competitive and have maintained our place hard to gain and keep ISO certification and
are transparent and easier to comprehend,” in the market for 30 years,” says Stewart of develop strong ethical and HSE policies to
he observes. Alex Stewart International. give our customers the extra assurance that is
Calow points out that investing in a SGS, on the other hand, has acquired 12 demanded by many of them as a condition of
laboratory is a long-term endeavour, and companies so far this year, these being a business.”
cannot be undertaken lightly just because of good indication of the breadth of its interests “Inspection companies need to focus on
some regional exploration projects – which and global reach: International Electrical the basics, that is, the quality of their work –
may only be short-term if unsuccessful. An Certification Centre (Hong Kong), Tianjin sampling and analysis,” Hope explains. “This
assayer has to be confident of the long-term Tianbao Construction Material Testing (China), comes down to staff training, processes and
demand for services before such LGC chemical characterisation business (UK), procedures. In certain countries where there
commitments are made. In this regard, Calow NviroCrop (South Africa), Lippens Geotechniek is a dearth of good quality people, the
says that although it has been difficult to (Belgium), Auto Contrôle Evaluation Services inspection company’s ability to retain talent
ascertain the true direction of the mining (France), Agri-Food Laboratories (Canada), and provide growth is key, so those with
sector recently, the company is now Sertec (Italy), Simmons & Bristow laboratory good HR practices will probably survive and
reasonably confident of its overall expansion division (Australia), Acumax (South Africa), prosper,” he adds.
in many regions. “We are now pushing Environmental Testing Corporation (USA) and On the technological front, SGS is
ahead with major investments in our Correl Rail (UK). continuing to develop robotics for laboratory
network, in central Asia, for example,” he France-based Bureau Veritas, with over applications, says Calow, which will lead to
notes. 50,000 employees and 330 laboratories in 140 better quality data and more consistent
But Calow acknowledges that there is countries, has completed six acquisitions this results, as well as better safety aspects and
increasing pressure – from both clients and year, across India, Malaysia, Singapore, lower costs: “We will implement this
governments – to build laboratories locally Brazil, China and France. A year ago, it technology across the world.”
and keep assaying activities within the same acquired Inspectorate International – how Consistency, as well as accuracy, is a key
country where the exploration or mining is has this incorporation affected the requirement for customers, Hope confirms,
carried out. “We were already locally- operations of Inspectorate? “Inspectorate is noting that clients are particularly unhappy
focused, but this has accelerated the trend,” the core of Bureau Veritas’s new Commodities if, for example, test results at a loading port
he remarks. and Trade division. The main impact has do not tally with those at the discharging
In its latest investment, Alex Stewart been a significant expansion of our global port, which can lead to claims and losses:
International opened a new geochemical ‘footprint’. The combined organisation is “Inspection companies which follow
laboratory in Perito Moreno, Santa Cruz, now able to provide services to every corner standard systems of testing everywhere and
Argentina, last month. Although this is in a of the world,” says Potter. can provide consistent results will be the
remote area in southern Argentina, it will For its part, Bureau Veritas intends to keep ones who will be adding the most value to
serve several mining companies operating in growing, with targeted acquisitions one the industry.”
October 2011 | LME | 21
Berzelius-Anzeige-A5-ENG.qxd 28.08.2007 15:32 Uhr Seite 1
Preserve Resources
Create the Future
Your Competent Partners in Recycling
BERZELIUS Metall GmbH · Central Purchase and Sales Department: Emser Straße 11 · D - 56338 Braubach
Phone: +49 2627 983-0 · Facsimile: +49 2627 983-251 · info@berzelius.de · www.berzelius.de
22 | LME | October 2011
LME 2011
LME Directory
Ring dealing members 26 Boards, Committees and Staff 36
Associate broker clearing members 28 Who’s who of the LME 39
Other associate members 31
Company index
A & M Group Ltd 31 LN Metals International Ltd 33
ABN AMRO Clearing Bank NV, London Branch 28 Lonconex Ltd 33
ADM Investor Services International Ltd 28 Macquarie Bank Limited 29
Alcan Trading Ltd 31 Marex Spectron Ltd 26
Amalgamated Metal Trading Ltd 26 Merrill Lynch International 29
Antofagasta Minerals SA 31 Metdist Ltd 33
Ashton Commodities Ltd 31 Metdist Trading Ltd 26
Aurubis AG 31 MF Global UK Limited 26
Bank of London and The Middle East 31 MFC Commodities GmbH 33
Barclays Capital 26 Mitsui Bussan Commodities Ltd 29
BGC Brokers International 28 Mizuho Securities USA Inc 29
BHP Billiton Marketing AG 31 Morgan Stanley & Co International plc 29
BNP Paribas Commodity Futures Ltd 28 Natixis Commodity Markets Ltd 26
Britannia Refined Metals Ltd 31 Newedge 26
Chile Copper Ltd 31 Nexans Deutschland GmbH 34
Citigroup Global Markets Ltd 28 Nyrstar Sales & Marketing AG 34
Commerzbank AG London branch 31 Outokumpu Oyj 34
Crédit Agricole – Corporate and Investment Bank (CA–CIB) 28 Phibro Ltd 29
Credit Suisse 28 Prysmian Cables & Systems Ltd 34
Darton Commodities Ltd 31 Richmond Commodities Ltd 34
DD&Co Ltd 31 Rio Tinto London Ltd 34
Deutsche Bank AG 28 Roba Metals BV 34
Eastern Alloys Inc 31 Royal Bank of Canada Europe Ltd 29
ED & F Man Commodity Advisers Ltd 26 Scotiabank Europe plc 29
Euromin SA 31 Simportex Ltd 34
Freeport-MoMoRan Copper & Gold Inc 33 Société Générale 27
GFI Securities Ltd 33 Standard Bank plc 29
Gold Matrix Resources Pte Ltd 33 Standard Chartered Bank 29
Goldman Sachs International 28 Sucden Financial Ltd 27
Halcor SA 33 Tangent Trading Ltd 34
HSBC Bank plc 28 Teck Metals Ltd 34
Hunter Douglas NV 33 Total Global Steel Ltd 34
Hydro Aluminium AS 33 Toyota Tsusho Metals Ltd 30
ICAP Securities Ltd 28 Tradition Dubai Ltd 34
Indumetal Recycling SA 33 Triland Metals Ltd 27
INTL FCStone (Europe) 33 Trimet Aluminium AG 34
Investec Bank plc 28 UBS Ltd 30
Jaypee International Inc 33 Vale Inco 35
J.P. Morgan Securities Ltd 26 Wilhelm Grillo Handelsgesellschaft mbH 35
Jefferies Bache, Ltd 28 W J Furse & Co Ltd 35
Koch Metals Trading Ltd 28 Wogen Resources Ltd 35
KME Germany AG & Co KG 33
October 2011 | LME | 23
FROM A COMPLEX WORLD
TO CLEAR SOLUTIONS
In the world of trade, the route from A to B isn’t always a straight line, and financing isn’t only about money.
ABN AMRO is a global player, but it’s not the size of our footprint that matters. It’s the depth of our knowledge.
Sector specialists who support you through the full value chain. Combining fast decision-making and flawless
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it’s your particular business case. An approach that brings you further than you might expect. For more on how
ABN AMRO Energy, Commodities & Transportation can help your business visit www.abnamro.com/ect
LME 2011
Ring dealing members
Ring dealing members
Amalgamated Metal Trading Ltd 325 5882 (commodity research). OTHER MEMBERSHIP: LBMA (Market Making
55 Bishopsgate, London EC2N 3AH. TEL: +44 20 7626 4521. FAX: Member), LPPM (Full Member).
+44 20 7623 3982. WEBSITE: www.amt.co.uk. EMAIL: amtinfo@amcgroup.
com. DIRECTORS: V.H. Sher (Chairman), J.W. Land (Managing Director), Marex Spectron Ltd
N.J.A. Fellowes, H. Michie, P.A. Montrose, G.C.L. Rowan. TRADING Level One, 155 Bishopsgate, London EC2M 3TQ. TEL: +44 20 7655 6000.
PERSONNEL: J.S. Atkins, J. Bungey, Y. Chen, J. Davis, M. Dulake, FAX: +44 20 7655 6024. WEBSITE: www.marexspectron.com. EMAIL:
N.J.A. Fellowes, A. Fitzgerald, M.J. Hussey, M. Griffin, S. Lawson, MFLenquiries@marexspectron.com. DIRECTORS: Roger Nagioff (chief
M. Michalska, P.A. Montrose, S.Westphal, K.A.Woodthorpe, L. Yao, executive officer), Steve Sparke (chief operating officer), Gavin Prentice
STEEL PERSONNEL: P.A. Montrose, A. Fitzgerald, M.J. Hussey, S. Westphal. (global head of sales and managing director), Marcus Scarlett (chief
COMPLIANCE: E.D. Corcos (Compliance Officer), L.C. Wakem. COMPANY financial officer). TRADING PERSONNEL: Graeme Smith, Patrick Seymour,
SECRETARY: E.D. Corcos. ESTABLISHED: 1975. OWNERSHIP: Amalgamated Simon Van Den Born, Matthew Reid, Mark Nunn. COMPLIANCE OFFICER:
Metal Corp plc. ASSOCIATES: All companies in AMC group. BRANCHES: Ed Paget-Brown. COMPANY SECRETARY: Nigel Edwards. ESTABLISHED: 2006.
Representative office – Shanghai office, Room 1509-1510, Lujiazui OWNERSHIP: Marex Spectron Group Ltd. NON-LME METALS HANDLED:
Plaza, 1600 Century Avenue, Pudong District, Shanghai 200122, China LBMA Member
(Tel: +86 21 5058 5661/5665. Fax: +86 21 5058 5655). CHIEF REPRESENTATIVE:
L.Lan. OTHER MEMBERSHIPS: Member of the London Bullion Market Metdist Trading Ltd
Association (LBMA), trading gold and silver. Associate member of the 80 Cannon Street, London EC4N 6EJ. TEL: +44 20 7280 0000. FAX:
London Platinum & Palladium Market (LPPM). +44 20 7606 6650. MANAGEMENT: Lord Bagri CBE (Chairman), The Hon A.
Bagri (Managing Director), M.C. Thompson. SALES: P. Burnett (Head of
Barclays Capital Trading), Miss A. McCann, M. Culley. TRADING PERSONNEL: Miss B. Wilde,
5 North Colonnade, Canary Wharf, London E14 4BB. TEL: +44 20 7773 8600. D.Smith, J. Exley. COMPLIANCE OFFICER: M.J. Thompson. ESTABLISHED: 1981.
FAX: +44 20 7773 0403. WEBSITE: www.barclayscapital.com. DIRECTORS: OWNERSHIP: Minmetco Ltd. ASSOCIATES: Metdist Ltd.
Roger Jones (Head of Commodities), Martyn Whitehead (Head of Metals
& Mining Sales). COMPLIANCE OFFICER: Phil Howard. ASSOCIATES: Offices MF Global UK Limited
in New York, USA; Santiago, Chile; Sydney, Australia; Tokyo, Japan; 5 Churchill Place, Canary Wharf, London, E14 5HU. TEL: +44 203 321 5886
Singapore, Singapore. NON-LME METALS HANDLED: Iron ore, precious WEBSITE: www.mfglobalmetals. com. EMAIL: info@mfglobal.com.
metals and platinum group metals. DIRECTORS: Fred Demler (global head of commodities). TRADING
PERSONNEL: Malcolm Leonard (trading), Kevin Tuohy (European sales),
ED & F Man Commodity Advisers Ltd Jane Ding (Far East sales). COMMODITY RESEARCH: Ed Meir. COMPLIANCE
Cottons Centre, Hays Lane, London SE1 2QE. TEL: +44 20 7089 8574. OFFICER: Sarah Docx. COMPANY SECRETARY: Vicki Kong (TEL: +1 212 589 6579).
WEBSITE: www.edfman.com. EMAIL: metalsdesk@edfmca.com. TRADING PLASTICS PERSONNEL: Antonio Diaz (TEL: +1 212 589 6579). ESTABLISHED: 2007.
PERSONNEL: Stuart Neville, Mark Constantinides, Paul Apps, Ashley Davies. BRANCHES: London, New York, Sydney, Hong Kong.
COMPLIANCE OFFICER: John Taylor. ESTABLISHED: 1783. OWNERSHIP: ED & F
Man Holdings Ltd. ADDITIONAL INFORMATION: The company is also an Natixis Commodity Markets Ltd
active participant for the following: coffee, sugar and cocoa markets (LIFFE Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. TEL:
and ICE Futures US). +44 20 3216 9000, +44 20 7107 8750 (dealing board). FAX: +44 20 870 622
0543. WEBSITE: www.natixiscm.com. EMAIL: jim.boland@uk.natixis.
J.P. Morgan Securities Ltd com, martin.woodall@uk.natixis.com. DIRECTORS: Andy Gooch
20 Moorgate, London, EC2R 6DA. TEL: +44 20 7777 4336. FAX: +44 20 7777 5281 (managing director), Claire Bridel (chief operating officer). TRADING
WEBSITE: www.jpmorgan.com/commodities (Research and online trading) PERSONNEL: Jim Boland (head of base metals sales), Martin Woodall (head
EMAIL: commodities_info@jpmorgan. com. TRADING PERSONNEL: Peter of base metals floor sales). COMPLIANCE OFFICER: Victoria Westley. COMPANY
Sellars (London), Neil Clift (London), Gavin Rankine (London), Sam SECRETARY: Adrain Penney. ESTABLISHED: 1976 (as Sogemin Metals Ltd).
Hainsworth (London), Michael Nowak (New York), Tonny Ka (Singapore) OWNERSHIP: 100% Natixis
Daniel Lynn (Singapore), Ivan Petev (Singapore). MARKETING PERSONNEL:
Kevin Roberts (London), Christian Schirmeister (London), Peter Neumann Newedge
(New York), Tim Wilson (Singapore), Kazunori Kozu (Tokyo), Sheena Ryu 10 Bishops Square, London E1 6EG. TEL: +44 20 7550 2360. FAX:
(Korea), Alan Clegg (Johannesburg), Amit Juneja (Dubai), Chris Janes +44 20 7550 2385. WEBSITE: www.newedgegroup.com; www.
(Sydney). COMMODITY RESEARCH: Michael Jansen (London) STEEL: Jeff Kabel metalsedge.com. EMAIL: lme_london@newedgegroup.com. TRADING
(London). COMPLIANCE OFFICER: Nigel Baines (London). ASSOCIATES: JPMorgan PERSONNEL: Steve Pettitt, Andrew Paterson, William Hart, Simon
Chase Bank, N.A , J.P. Morgan Metals & Concentrates LLC, Henry Bath & Son Underhill, Adam Ketley, Mark Taylor, Gary Smith, Michael McQuillan,
Ltd (Warehousing). NON-LME METALS HANDLED: Precious metals and PGMs, Andrew Foxley, Danielle Laurie, Tom Adams, Stephen Smith, James
vaulting and clearing, Iron Ore. ADDITIONAL INFORMATION: The bank offers Browning, Phillip Holme, Paul Phillips, Marta Santos.ESTABLISHED: 2008.
24-hour coverage of all metals’ markets through its four trading centres in OWNERSHIP: Société Générale (50%); Credit Agricole (50%). STEEL
London, New York, Tokyo and Singapore, quoting of Exchange traded and PERSONNEL: John Short. NON-LME METALS HANDLED: All COMEX contracts,
OTC derivative products. JPM also offers inventory and commodity trade DGCX, TOCOM. ADDITIONAL INFORMATION: Newedge’s Metals Group focuses
financing. OTHER CONTACT NUMBERS: +44 207 777 4336 (London), +1 212 834 on the risk management of client exposures to base and precious metals,
4280 (New York), +65 6882 7789 (Singapore), +81 3 6736 3601 (Tokyo), +44 207 steel and plastics. The company’s specialists in London, New York,
26 | LME | October 2011
LME 2011
Ring dealing members
Frankfurt, Toronto, Tokyo, Hong Kong and Zurich, function as a global the London Bullion Market Association, the London Gold Fixing and is an
integrated team, providing 24-hour coverage to institutions, corporate associate of the London Platinum and Palladium Market.
and fund managers. Newedge is a member of CME/COMEX, TOCOM and the
Shanghai Futures Exchange through its China joint venture, CITIC. Sucden Financial Ltd
Newedge Futures. Newedge is a service provider of the full range of Plantation Place South, 60 Great Tower Street, London EC3R 5AZ.
exchange-traded base, precious and nonferrous contracts, over-the- TEL: +44 203 207 5000. FAX: +44 203 207 5010. WEBSITE: www.
counter (OTC) markets, exchange for physical (EFP) and exchange for sucdenfinancial.com EMAIL: info@sucfin.com. DIRECTORS: Michael
swaps (EFS) markets. 24-hour coverage of: LME, COMEX, Shanghai Futures Overlander (Chief Executive Officer), Robert James (Finance Director).
Exchange and TOCOM, Full range of OTC Metal Swaps, Precious and base TRADING PERSONNEL: Paul Graham (Head of Industrial Commodities), Geoff
metal Exchange for Physicals (EFP’s), Average price and ISDA based trades, Ison (Head of LME Trading). COMPLIANCE OFFICER: Lanie Koppel. COMPANY
Electronic Order Routing. SECRETARY: Jon Tunnell. ESTABLISHED: 1973. OWNERSHIP: Sucres
et Denrées. SUBSIDIARIES: Genoc, Sucden Financial (HK) Ltd. NON-LME METALS
Société Générale HANDLED: Iron Ore Swaps, gold, silver, platinum and palladium. ADDITIONAL
10th floor, Exchange House, Primrose Street, London EC2A 2HT. TEL: INFORMATION: Contact steel@sucfin.com for steel and iron ore information.
+33 1 42 13 88 10 or +44 207 867 8721. FAX: +44 20 7762 5456. WEBSITE:
www.commodities.sgcib.com. EMAIL: base.paris@sgcib.com, base. Triland Metals Ltd
london@sgcib.com, base.newyork@sgcib.com, base.shanghai@sgcib. MidCity Place, 71 High Holborn, London WC1V 6BA. TEL: +44 20 7061 5500. FAX:
com, commodities.asiapac@sgcib.com. DIRECTORS: François Combes, +44 20 7061 5620. WEBSITE: www.triland.com. EMAIL: herwig.schmidt@
Xavier Lannegrace. TRADING PERSONNEL: Andrew Vale, Ian Oxley, triland.com. DIRECTORS: Hideki Nakagawa (Chief Executive Officer), Martin
Christopher Olmstead. COMPLIANCE OFFICER: Jeremy Wall, Jean Heuga. Pratt (Chief Operating Officer), Hiroshi Okazaki. TRADING PERSONNEL: Steve
ESTABLISHED: 1864. NON-LME METALS HANDLED: Gold, silver, platinum and Sayers, Herwig Schmidt. COMPLIANCE OFFICER: Stephen Coles. ESTABLISHED:
palladium. ADDITIONAL INFORMATION: Headquarters: Tour Sg 17 Cours 1971. OWNERSHIP: Mitsubishi Corp. ASSOCIATES: MC Futures Tokyo, Triland USA
Valmy 92987 Paris La Defense Cedex. Société Générale is involved in trade Inc. NON-LME METALS HANDLED: Precious metals.
and commodity finance, project and reserve based finance and strutured
commodity and mining project finance. Société Générale is a member of © Metal Bulletin 2011.
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452A Finchley Road, London NW11 8DG, England
452A Finchley Road, London NW11 8DG, England
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Telephone: +44 (0)20 8457 8770, Fax: +44 (0)20 8457 7484,
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452A Finchley Road, London NW11 8DG, England
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Cu Cathodes LME reg. and non reg. / 8mm rod & Billets / & re-melted lower grades
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October 2011 | LME | 27
Archive advert 1-8 v1.indd 1 27/01/2011 10:32
LME 2011
Associate broker clearing members
Associate broker clearing members
ABN AMRO Clearing Bank NV, London Branch Naqvi, Mark Harvey, Jerome Drouin. TRADING PERSONNEL: Alistair Mansell.
London Branch, 5 Aldermanbury Square, London, EC2V 7HR. TEL: COMPLIANCE OFFICER: Steve Katesmark, David Nader. COMPANY SECRETARY:
+44 20 3192 9055. WEBSITE: www.abnamro.com. EMAIL: [firstname. Julie Challis
surname]@uk.abnamroclearing.com. DIRECTORS: Jan Bart de Boer,
Marcel Jongmans, Roger Little (managing director of London branch). Deutsche Bank AG
TRADING PERSONNEL: Chris Lee (electronic broker), James Fairweather Winchester House, 1 Great Winchester Street, London EC2N 2DB. TEL:
(electronic broker). Mike Wakefield (electronic broker) and market access +44 20 7545 4333. FAX: +44 20 7547 3713. PERSONNEL: Raymond Key (Head
support. COMPLIANCE OFFICER: Gary O’Brien (gary.obrien@uk.abnamro. of Metals Trading), Simon Grenfell (Head of Metals Sales and Origination),
com). COMPANY SECRETARY: Intertrust. ESTABLISHED: 2004. OWNERSHIP: ABN Peter Barnes (Director – Head of Metal Sales and Origination CEEMA),
AMRO Bank N.V. ADDITIONAL INFORMATION: The bank provides order Richard Hajdukiewicz (Director – Head of Sales and Origination Americas)
routing capabilities and clearing services for LME and other financial/ Gavin Xing (Director – Head of Sales and Origination Asia). NON-LME
commodities instruments. METALS HANDLED: Gold, silver, platinum and palladium.
ADM Investor Services International Ltd Goldman Sachs International*
4th floor, Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT. Peterborough Court, 133 Fleet Street, London EC4A 2BB. TEL:
TEL: +44 20 7716 8610. FAX: +44 20 7294 0233. WEBSITE: www.admisi.com. +44 20 7774 2030. FAX: +44 20 7774 2020. WEBSITE ADDRESS: www.gs.com.
EMAIL: metals.desk@admisi.com. DIRECTORS: Mark Fox-Andrews, Philip TRADING PERSONNEL: Stephen Branton-Speak. OWNERSHIP: Goldman
Wasling, Charles Brimble. TRADING PERSONNEL: Mark Shaer, Darren Fowler, Sachs International.
David Rawlinson. PLASTICS PERSONNEL: Darren Fowler. COMPLIANCE
OFFICER: Tracy Hetherington. COMPANY SECRETARY: Charles Brimble. HSBC Bank plc*
ESTABLISHED: 1990. OWNERSHIP: Archer Daniels Midland Group. 8 Canada Square, London E14 5HQ. TEL: +44 20 7991 5762.
ASSOCIATES: ADM New York; ADM Chicago. NON LME METALS HANDLED: Gold, FAX: +44 20 7992 4983. WEBSITE: www.hsbc.com.
platinum and palladium.
ICAP Securities Ltd
BGC Brokers International 2 Broadgate, London EC2M 7UR. TEL: +44 20 7532 4650. FAX:
One Churchill Place, Canary Wharf, London E14 5RD. TEL: +44 20 7894 7000 +44 20 7000 5935. WEBSITE: www.icap.com/lme. EMAIL: icapmetals@icap.
+44 20 7894 7606 (Trading Desk). FAX: +44 20 7894 7225. EMAIL: sgoodger@ com. TRADING PERSONNEL: Robert Rees, Steven Bingley, Keith Wildie, Gareth
bgcpartners.co.uk. TRADING PERSONNEL: Steve Goodger, Dave Cambridge, Hughes, Francis Asher, Michael North, Adam Newman, Marc Carozza, Phil
Jon Mason, Tilman Hameister, Mark Hamblin. COMPLIANCE OFFICER: Simon Barker, Jason Dobson, Aaron Hung, Sammi Li, Sam Emara, Alex Cheyney.
Chatterton. OWNERSHIP: Private. SUBSIDIARIES: Tower Bridge Securities Ltd. COMPLIANCE OFFICER: Steven Woolley. COMPANY SECRETARY: Deborah Abrehart.
ESTABLISHED: 1956. OWNERSHIP: ICAP Group Holdings Ltd (ultimate parent
BNP Paribas Commodity Futures Ltd company ICAP plc). NON-LME METALS HANDLED: Gold, silver, platinum,
10 Harewood Avenue, London NW1 6AA. TEL: +44 20 7595 2000. palladium, rhodium (OTC), iron ore (OTC) and all listed contracts on COMEX/
FAX: +44 20 7595 2555. WEBSITE: www.enercomxp.bnpparibas.com. NYMEX and SGX. MEMBERSHIP: Associate Broker Clearing Member.
Citigroup Global Markets Ltd Investec Bank plc*
Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB. TEL: 2 Gresham Street, London EC2V 7QP. TEL: +44 20 7597 4000.
+44 20 7986 3120. WEBSITE: www.citigroup.com. DIRECTORS: Jerome Kemp FAX: +44 20 7597 4070. WEBSITE: www.investec.com.
(Global Head of Citi Futures), Michel Planquart (EMEA Head of Citi Futures).
COMPLIANCE: David Flowerday. TRADING PERSONNEL: Vincenzo Corrado, Jefferies Bache, Ltd
Mark Foster. STEEL PERSONNEL: Nadeem Khursheed, David Levy. Base Metals Division, 9 Devonshire Square, London EC2M 4HP.
TEL: +44 20 7548 5481 +44 20 7548 5482. FAX: +44 20 7623 5113.
Crédit Agricole - Corporate and Investment Bank (CA-CIB) EMAIL: basemetals@prudential.com, mrazzano@jefferies.com.
Broadwalk House, 5 Appold Street, London EC2A 2DA. TEL: +44 20 7214 6448. DIRECTORS: A. Ladouceur, M. Bailey, M. Coomber, D. Weaver, H. Tucker,
FAX: +44 20 7214 6073. WEBSITE: www.ca-cib.com. EMAIL: john.dennis@ A. Gibbins, T. Barker. TRADING PERSONNEL: B. Gershon, S. Evans, M. Wang,
uk.ca-cib.com. DIRECTORS: John Dennis, Paul Butler Smith. TRADING C. Domisch, P. A. Favillier, P. Ranahan, M. Jevons, D. McKiernan,
PERSONNEL: Neil Rothwell (global head of commodoties trading). GENERAL R. Caporale, S. Palmer, J. Stradling, A. Patel, A. Malhotra, B. Dulieu,
MANAGER: Vincent LeClercq. COMPANY SECRETARY: Philip Huger (chief J. Diecchio, E. Eisner, G. Barratt, R. Leung, R. Fu, A. Nordhagen, N.
operations officer). CHIEF REPRESENTATIVE: Arnaud Chupin (SCO). Vasiljevic, S. Benny, G.Kirby, E. McIntyre. PLASTICS PERSONNEL: B. Gershon.
COMPLIANCE OFFICER: James Kelly. ESTABLISHED: 2004. OWNERSHIP: Crédit COMPLIANCE OFFICER: Dianne Faulks. COMPANY SECRETARY: Nicola Hardy.
Agricole Group. NON-LME METALS HANDLED: Gold, silver, platinum and OWNERSHIP: Jefferies & Co. ADDITIONAL INFORMATION: Established
palladium. ADDITIONAL INFORMATION: member of LBMA. Hamburg Metals in October 1985. Branch and affiliated offices in
Hamburg, London, New York and Hong Kong.
Credit Suisse
One Cabot Square, London E14 4QJ. TEL: +44 20 7888 4661. FAX: Koch Metals Trading Ltd
+44 20 7905 6424. WEBSITE: www.credit-suisse.com. EMAIL: sherry. Fountain House, 6th floor, 130 Fenchurch Street, London EC3M 5DJ.
amin@credit-suisse.com. DIRECTORS: Jared Baker, Berouz Fatemi, Kamal TEL: +44 20 7648 6300. FAX: +44 20 7648 6301. WEBSITE: www.kochmetals.
28 | LME | October 2011
LME 2011
Associate broker clearing members
com. EMAIL: info-london@kochind.com. DIRECTORS: Frans Pettinga Morgan Stanley & Co International plc
(Managing), Michiel Prins, David Bartlett, Doug Beach, Stephen Mawer. 25 Cabot Square, Canary Wharf, London E14 4QA. TEL:+44 20 7677 7600.
TRADING PERSONNEL: Frans Pettinga, Peter Schluter, Oliver Farman, Xiao FAX: +44 20 7677 7649. WEBSITE: www.morganstanley.com. EMAIL:
Tan, Daniel Banks, Gavin Stanton, Daniel Eld, John King, Andrew Wong. lmedesk@morganstanley.com. TRADING PERSONNEL: Warren Capps, Yann
COMPLIANCE OFFICER: Jess. E. Pedersen. COMPANY SECRETARY: Baker & Murciano, Christopher Grunsfeld, Matthew France, T.K. Ong, Maciej
McKenzie. ESTABLISHED: 1997. OWNERSHIP: Koch Resources LLC. ASSOCIATES: Nowakowski, Thibaut Remoundos, John Pacilio. SALES & MARKETING: Ariel
Koch Supply & Trading, LP. Seldman, Charlie Feitel, Mahesh Nair, Benjamin Cross, Keryn Layton-
McCann, Ming Chaim. HEAD OF GLOBAL METALS: Amrik Sandhu. COMPLIANCE
Macquarie Bank Limited OFFICER: Graeme Russell. COMPANY SECRETARY: Richard Rosenthal.
1 Martin Place, Sydney NSW 1164, Australia/ Ropemaker Place, ESTABLISHED: 1986. OWNERSHIP: Morgan Stanley. NON-LME METALS
28 Ropemaker Street, London EC2Y 9HD. TEL: +61 2 8232 4770 / HANDLED: Gold, silver, platinum, palladium and rhodium. ADDITIONAL
+44 20 3037 4610. FAX: +61 2 8232 3590 / +44 20 3037 4301. WEBSITE: INFORMATION: Morgan Stanley offers 24-hour coverage and dealing from
www.macquarie.com.au and www.macquarie.com. EMAIL: offices in London, New York (Tel: +1 914 225 1480), Singapore (Tel:
basemetals@macquarie.com. DIRECTORS: Available upon request. +65 6834 6928), Japan (Tel: +81 3 5424 7768) and Shanghai (Tel:
TRADING PERSONNEL: Andrew Downe (FICC Global Head), Paul Plewman +86 21 6279 8121).
(FICC London Head). COMPLIANCE OFFICER: Darren Thomas (FICC Compliance
London). COMPANY SECRETARY: Dennis Leong. ESTABLISHED: Macquarie Phibro Ltd
takes its origins from the merchant bank Hill Samuel Australia (HSA) which 6 Duke Street, London SW1Y 6BN. TEL: +44 20 7484 2500.
was established in 1970. In 1985, HSA became Macquarie Bank Limited. FAX: +44 20 7839 1848. WEBSITE: www.phibro.com.
In 2007, the Macquarie Group undertook a corporate reorganisation,
and Macquarie Group Limited (ASX: MQG) became the ultimate parent Royal Bank of Canada Europe Ltd
of the Macquarie Group. OWNERSHIP: Macquarie Group Limited is listed Riverbank House, 2 Swan Lane, London EC4R 3BF. TEL: +44 20 7029 7107.
on the Australian Stock Exchange. SUBSIDIARIES & ASSOCIATES: Numerous. FAX: +44 20 7029 7900. WEBSITE: www.rbccm.com/ basemetals.
NON-LME METALS HANDLED: Precious metals. EMAIL: basemetals@rbccm.com. DIRECTORS: John Roberts, Pauline Egan,
Sir Andrew Foster, Janice Fukukusa, John Greenslade, Graeme Hepworth,
Merrill Lynch International Mark Hughes, Stephen Krag, Doug McGregor, Patrick Meier, Harry Samuel,
2 King Edward Street, London EC1A 1HQ. TEL: +44 20 7628 1000 Mark Standish, Jim Pettigrew, David Thomas. TRADING PERSONNEL: Randy
+44 20 7996 3900 (traders). WEBSITE: www.ml.com. DIRECTORS: Martin North (Senior Broker), Olivia Burwood-Taylor (Broker). PLASTICS
Butler, Michael D’Souza, Robert Everett, Yasuhiro Fujiwara, Tom Montag, PERSONNEL: Randy North. COMPLIANCE OFFICER: Dino Kakoulli. COMPANY
Jonathan Moulds (chairman), Gordon Sangster, Price Sloan, Michael SECRETARY: Jason Wright. ESTABLISHED: 1970. OWNERSHIP: Royal Bank of
Stewart. TRADING PERSONNEL: George Daniel, Jason Kay, Moataz Abed, Canada. NON-LME METALS HANDLED: Gold and silver.
Laurence Mann, Harnik Lakhan, Shaun Groves. COMPLIANCE OFFICER: Ross
Moody. COMPANY SECRETARY: Merrill Lynch Corporate Services Ltd. Scotiabank Europe plc
ESTABLISHED: 1988. OWNERSHIP: Bank of America Corp (ultimate parent). 201 Bishopsgate, 6th Floor, London. EC2M 3NS . WEBSITE: www.
NON-LME METALS HANDLED: Gold, silver, platinum and palladium. scotiabank.com. TRADING PERSONNEL: Steven Lowe – London. Alistair
Watson – London. John Ervasti – New York. COMPLIANCE OFFICER: Gurjit
Mitsui Bussan Commodities Ltd Purewal – London. COMPANY SECRETARY: Jane Lloyd – London.
4th floor, St Martin’s Court, 10 Paternoster Row, London EC4M 7BB. ESTABLISHED: 1964. OWNERSHIP: The Bank of Nova Scotia. BRANCHES: Paris.
TEL: +44 20 7489 6700. FAX: +44 20 7489 6660. WEBSITE: www.mbclme. OTHER MEMBERSHIP: LCH.
com. EMAIL: info@mbcl.co.uk. DIRECTORS: Peter Allan, Stuart Aitken,
Sam Miyamoto. TRADING PERSONNEL: Elliot Mount, Brian Chapman, Peter Standard Bank plc
Murray, Robert McMullan. FERROUS PERSONNEL: Micki Waite, Abe Ulusal. 20 Gresham Street, London EC2V 7JE. TEL: +44 20 3145 6830. WEBSITE:
MARKETING PERSONNEL: Micki Waite, Sally Hemsley, Rick Holmes, Abe www.standardbank.com. EMAIL: base.metals@ standardbank.com.
Ulusal, David Larke. COMMODITY RESEARCH: Justin Lennon. COMPLIANCE MANAGEMENT: Bruce Garner (global head of commodity sales &
OFFICER: Michael Butler. COMPANY SECRETARY: Shubha Nath. ESTABLISHED: trading), Jim Coupland (managing director, global head of base metals
1991. OWNERSHIP: Mitsui & Co Ltd. SUBSIDIARIES: In New York, Sydney, & bulk commodities), Rob Swain (managing director, base metals
Singapore. NON-LME METALS HANDLED: Iron ore, steel swaps. trading), Steve Reece (managing director, physical base metals), Peter
Faulkner (managing director, steel complex). COMPLIANCE OFFICER:
Mizuho Securities USA Inc Michael Callow. ESTABLISHED: 1992. OWNERSHIP: Standard Bank Group.
Bracken House, 1 Friday Street, London EC4M 9JA (London branch office), ASSOCIATES: Standard Resources (China) Ltd. (Victor Yu -managing
311 S Wacker Drive, Ste 711, Chicago, IL 60606, USA (futures division head director). NON-LME METALS HANDLED: Gold, silver, platinum, palladium
office). TEL: +44 20 7776 5800 (London), +1 312 294 8800 (Chicago). and rhodium.
WEBSITE: www.mizuhosecurities.com. EMAIL: [firstname.
lastname]@us.mizuho-sc.com. DIRECTORS: John Murphy (executive Standard Chartered Bank
managing director, head of futures, Chicago), Robert Alexander (executive 1 Basinghall Avenue, London EC2V 5DD. TEL: +44 20 7885 7519. FAX:
director, futures division, London branch manager, London). METALS +44 20 7885 8927. WEBSITE: www.standardchartered.com. EMAIL:
CLEARING SALES: Robert Alexander, Tohru Yasumaru (executive director, london.metalsales@sc.com DIRECTORS: Jeremy East (global head of
futures division, Chicago), Hector Robles (executive director, futures metals & SIP trading). PERSONNEL: David Sheppard (Base Metals Trading),
division, Chicago), Jeff Ollada (executive director, futures division, Jamie Grace (Metals Option Trading), Tom Coghill (Metal Sales). COMPLIANCE
Chicago). COMPLIANCE OFFICER: James Bohlsen, Chicago. OWNERSHIP: OFFICER: Graham Jelf. OWNERSHIP: Standard Chartered plc. NON-LME
Mizuho Securities Co Ltd, Tokyo. NON-LME METALS HANDLED: CME Comex METALS HANDLED: Iron ore, steel, precious and PGM’s. STEEL PERSONNEL:
Division Clearing member. ADDITIONAL INFORMATION: The company David Sheppard (Base Metals Trading), Jamie Grace (Metals Option
provides clearing and electronic trading of LME products. Trading), Tom Coghill (Metal Sales)
October 2011 | LME | 29
LME 2011
Associate broker clearing members
Toyota Tsusho Metals Ltd UBS Ltd
63 Queen Victoria Street, London EC4N 4UA. TEL: +44 20 7429 7965. 1 Finsbury Avenue, London EC2M 2PP. TEL: +44 20 7567 8000. FAX:
FAX: +44 20 7429 7971. WEBSITE: www.ttmetals.com. EMAIL: +44 20 7567 2874. WEBSITE: www.ubs.com. EMAIL: DL-commodities-
info@ttmetals.com. DIRECTORS: Alan Spinks, Takeo Fujihara, Hideki LDN@ubs.com. TRADING PERSONNEL: Dylan Morgan (Managing Director);
Kondo, Hiroto Naane, Takashi Hirobe. TRADING PERSONNEL: Alan Spinks, Sebastien Dubernet (Director). MARKETING PERSONNEL: Rick McIntire
Paul Marney, James Andrews, Michael O’Sullivan, Gwenael Chazal. (Managing Director); Hector Freitas (Managing Director); Jamil Sylvester-
COMPLIANCE OFFICER: Lester Doman. COMPANY SECRETARY: Takeo Fujihara. John. COMMODITY RESEARCH: Peter Hickson (Managing Director); Tom Price
ESTABLISHED: 1999. OWNERSHIP: Toyota Tsusho Corp. (Director) ESTABLISHED: 1986. OWNERSHIP: UBS AG (100%). NON-LME
METALS HANDLED: Gold, silver, platinum and palladium.
* No updated information received from the company
© Metal Bulletin 2011
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LME 2011
Other associate members
Other associate members
A & M Group Ltd Keki, Neyar S. Malik, Julie Yim. COMPLIANCE OFFICER: Nigel Williams.
Apex Yard, 29-35 Long Lane, London SE1 4PL. TEL: +44 20 7940 0430. COMPANY SECRETARY: Richard Williams. ESTABLISHED: 2007. OWNERSHIP:
FAX: +44 20 7403 3166. WEBSITE: www.amgroup.uk.com. EMAIL: Mainly institutional. Associate Broker Member.
info@amgroup.uk.com. DIRECTORS: Cheng Fie Lim, Alan Ewart, Jesse
Lim Jnr., Charles Herzfeld. TRADING PERSONNEL: Conor Broughton, Peter BHP Billiton Marketing AG*
Redfearn, Mina Shimizu, Peter David, Pham Thanh Do, Jesse Lim Jnr, T Schip, Verheeskade 25, PO Box 19511, 2521 BE The Hague, Netherlands.
Ana Marie Wallace. GENERAL MANAGER: Chris Bloggs. COMPLIANCE OFFICER TEL: +31 70 315 6614. FAX: +31 70 315 6721. WEBSITE: www.bhpbilliton.com.
& COMPANY SECRETARY: Chris Bloggs. ESTABLISHED: 1990. SUBSIDIARIES: Associate Trade Member.
A & M Minerals Ltd; Thornton Processing. ASSOCIATES: A & M Brazil;
A & M Vietnam. NON-LME METALS HANDLED: Tantalum, niobium, tungsten, Britannia Refined Metals Ltd
tin, antimony. Associate Trade Member. Botany Road, Northfleet, Gravesend, Kent DA11 9BG. TEL: +44 1474 538200.
FAX: +44 1474 538203. WEBSITE: www.xstrata.com. Associate Trade
Alcan Trading Ltd Member.
Max Hoegger Strasse 6, 8048 Zürich, Switzerland. POSTAL ADDRESS: PO Box
1852, 8048, Zürich, Switzerland. TEL: +41 43 497 4200. FAX: +41 43 497 4201. Chile Copper Ltd*
WEBSITE: www.riotinto.com. EMAIL: markus.hofer@riotinto.com 27 Albermarle Street, London W1S 4HZ. TEL:+44 207 907 9600. FAX:+44 207
DIRECTORS: Markus Hofer (markus.hofer@riotinto.com). Associate Trade 907 9610. Associate Trade Member.
Member.
Commerzbank AG London branch
Antofagasta Minerals SA 30 Gresham Street, London EC2P 2XY. TEL: +44 20 7444 9075. FAX:
Apoquindo 4001, Piso 18, Las Condes, Santiago, Chile. TEL: +56 2 798 7000. +44 20 7475 1854. WEBSITE: www.commerzbank.com. EMAIL: david.
FAX: +56 2 798 6923. WEBSITE: www.antofagasta.co.uk. EMAIL:pvasquez@ burns@commerzbank.com. HEAD OF COMMODITIES: David Burns;
aminerals.cl. DIRECTORS: Marcelo Awad (president & chief executive CO-HEAD OF COMMODITY SOLUTIONS GROUP & HEAD OF COMMODITY SALES:
officer), Jean-Paul Luksic F (chairman), Gonzalo Menéndez, Ramon Jara. David Holmes. COMPLIANCE OFFICER: Nash Jooma. Associate Broker
TRADING PERSONNEL: Gonzalo Sanchez (vice president, commerical), Member.
Rodrigo Bravo (deputy commercial director), Hugo Jordan (sales
manager). COMPANY SECRETARY: Pamela Vasquez. SUBSIDIARIES: Minera Darton Commodities Ltd
Los Pelambres; Minera El Tesoro; Minera Michilla; Minera Esperanza. St Thomas Court, 39 Epsom Road, Guildford, Surrey, GU1 3LA, UK. TEL:
MEMBERSHIP: Associate Trade Member. +44 1483 579825. FAX: +44 1483 514177. WEBSITE: www.dartoncommodities.
com. EMAIL: gdarby@dartoncommodities.co.uk. DIRECTORS: Guy Darby,
Ashton Commodities Ltd* Roy Walton. TRADING PERSONNEL: Guy Darby, Andries Gerbens. COMPANY
Winchester House, 259-269 Old Marylebone Road, London NW1 5RA. SECRETARY: Roy Walton. ESTABLISHED: 2000. OWNERSHIP: Guy Darby, Roy
TEL: +44 20 7170 4200. FAX: +44 20 7170 4202. WEBSITE: Walton. NON-LME METALS HANDLED: Rhenium, Ruthenium. ADDITIONAL
www.ashtoncommodities.com. Associate Trade Member. INFORMATION: Associate Trade Member.
Aurubis AG DD&Co Ltd
Hovestrasse 50, 20539 Hamburg, Germany. TEL: +49 40 7883 0. 8-10 Grosvenor Gardens, London SW1W 0DH. TEL: +44 20 7863 1250.
FAX: +49 40 7883 2255. WEBSITE: www.aurubis.com. EMAIL: info@ FAX:+44 20 7663 5462. WEBSITE: www.ddcap.co.uk. EMAIL: ddgi@ddcap.
aurubis.com. DIRECTORS: Bernd Drouven (chief executive officer), Stefan co.uk. DIRECTORS: Stella Cox, Lawrence Oliver, Declan Kelly, David Gelber,
Boel (member of executive board), Erwin Faust (member of executive Michael Spencer. TRADING PERSONNEL: Stella Cox, Lawrence Oliver, Louise
board), Michael Landau (member of executive board), Peter Willbrandt Grigg. COMPLIANCE OFFICER: J. Sampson. COMPANY SECRETARY: H. Bollins.
(member of executive board). TRADING PERSONNEL: Sven Mueller-Thurau ESTABLISHED: 1928. OWNERSHIP: Private limited company. NON-LME
(LME and marketing cathodes), Jens Jacobsen (marketing rod and cast METALS HANDLED: Platinum group metals. Associate Trade Member.
products), Ari Ingmann (flat rolled products). COMPLIANCE OFFICER:
Henning Michaelsen. COMPANY SECRETARY: Sabine Morgan. ESTABLISHED: Eastern Alloys Inc*
1866. OWNERSHIP: Salzgitter AG (25%), institutional investors (45%), PO Box 317, Henry Henning Drive, Maybrook, NY 12543, USA. TEL:
private investors (30%). NON-LME METALS HANDLED: Gold, silver, +1 845 427 2151. FAX: +1 845 427 5185. WEBSITE: www.eazall.com. Associate
platinum, palladium and selenium. ADDITIONAL INFORMATION: Aurubis AG Trade Member.
is the result of the merger of Norddeutsche Affinerie AG and Cumerio SA/
NV. Associate Trade Member. Euromin SA
Boulevard Du Pont, d’Arve 28, 1205 Geneva, Switzerland. POSTAL ADDRESS: PO
Bank of London and The Middle East Box 384, 1211 Geneva 4, Switzerland. TEL: +41 22 322 1111. FAX:
ADDRESS: Sherborne House, 119 Cannon Street, London EC4 5AT. +41 22 328 2385. EMAIL: paw@euromin-sa.com. DIRECTORS: Roland Favre,
TEL: +44 20 7618 0050. FAX: +44 20 7618 0051. WEBSITE: www.blme.com. David Fransen. MARKETING PERSONNEL: Patrick Weller (Managing Director,
EMAIL: treasury@blme.com. DIRECTORS: Humphrey Percy (Chief Executive Euromin London Branch), Jean-Sebastien Gerard, Mike Baker. COMPLIANCE
Officer), Richard Williams (Finance Director), Nigel Denison (Head of OFFICER: Donal Carroll. ESTABLISHED: 1992. OWNERSHIP: Vitol Holding Sarl.
Markets & Asset Management). TRADING PERSONNEL: Mark J. Lynch, Sinan NON-LME METALS HANDLED: Indium, cadmium, molybdenum and
October 2011 | LME | 31
LME 2011
LME 2011
Other associate members
manganese ore, iron ore, ferrous scrap. TRADING PERSONNEL: Patrick Weller INTL FCStone (Europe) Ltd (previously Ambrian Commodities Ltd)
(ores, concentrates and raw materials), Jean-Sebastien Gerard (lead and zinc Old Change House, 128 Queen Victoria Street, London, EC4V 4BJ. TEL:
metal+ iron ore), Mike Baker (copper, tin and nickel metal), Philip Blanchard +44 20 7634 4800. FAX: +44 20 7634 4801. WEBSITE: www.intlfcstone.com.
(minor metals). BRANCHES: London, Lima. Associate Trade Member. EMAIL: commodities@intlfcstone.com. MANAGER EUROPE: Alex Wilkinson.
GLOBAL HEAD OF SALES: Alex Heath. SALES DIRECTOR EUROPE Malcolm
Freeport-McMoRan Copper & Gold Inc Freeman. EVP NORTH AMERICAN SALES: Dr. Mo Ahmadzadeh.
333 North Central Avenue, Phoenix, AZ 85004, USA. TEL: +1 602 366 8100. HEAD OF TRADING: Peter Grinham. SENIOR DEALER: Allan Bailey. HEAD
WEBSITE: www.fcx.com. EMAIL: fms_communications@fmi.com. OF COMPLIANCE: Jasmin Hayer. HEAD OF OPERATIONS: Stephen Brierley.
DIRECTORS: James R. Moffett (Chairman of the Board), Richard C. Adkerson ESTABLISHED: 2006. OWNERSHIP: Ambrian Capital plc (100%). NON-LME
(President and Chief Executive Officer), Michael J. Arnold (Executive Vice METALS HANDLED: Gold, silver, platinum and palladium. Category 4
President and Chief Administrative Officer), Kathleen L. Quirk (Executive (Associate Broker) member with approval for category 2 (Associate Broker
Vice President, Chief Financial Officer and Treasurer). SUBSIDIARIES: Clearing Member).
Freeport-McMoRan Corp; Freeport Indonesia (PT-FI); Atlantic Copper SA.
Associate Trade Member. Jaypee International Inc*
30 S. Wacker Drive, Suite 1700, Chicago, Illinois, 60606, USA.
GFI Securities Ltd* TEL: +1 (312) 655-7606. WEBSITE: www.jaypeeusa.com. Associate
One Snowden Street, Broadgate West, London EC2A 2DQ. TEL: Trade Member.
+44 20 7422 1000. FAX: +44 20 7877 8065. WEBSITE: www.gfigroup.com.
Associate Trade Member. KME Germany AG & Co KG
Klosterstrasse 29, 49074 Osnabrueck, Germany. TEL: +49 541 321 4900. FAX:
Gold Matrix Resources Pte Ltd +49 541 321 4930. WEBSITE: www.kme.com. EMAIL: thomas.goeda@kme.
101, Cecil Street, 25-12 Tong Eng Building, Singapore 069533. TEL: com. DIRECTORS: Riccardo Garré, Italo Romano, Marco Calamia, Thomas
+65 6491 1100. FAX: +65 6220 0400. WEBSITE: www.goldmatrixresources. Goeda. TRADING PERSONNEL: Thomas Goeda, Laura Montelatici, Milena
com. EMAIL: gmr@goldmatrixresources.com. DIRECTORS: Pinaki Rath Romano, Michele Schafer. COMPLIANCE OFFICER: Marco Miniati. COMPANY
(Managing Director). TRADING PERSONNEL: John Joseph, Nikhil Supekar SECRETARY: Alessandra Pizzuti. ESTABLISHED: 1995. OWNERSHIP: KME Group
COMPLIANCE: Shailendra Bansal. ESTABLISHED: 2005. OWNERSHIP: Private SpA, Florence, Italy. SUBSIDIARIES: KME Italy SpA, Florence, Italy; KME
Limited. NON-LME METALS: Stainless steel scrap, chrome ore, ferro-alloys. France SA, Courbevoie, France; KME Yorkshire Ltd, Liverpool, UK; KME
Associate Trade Member. Locsa SA Córdoba, Spain. BRANCHES: Brass mill operations. Associate
Trade Member.
Halcor SA
2-4 Messogion Street, 115 27 Athens, Greece POSTAL ADDRESS: 16 Himaras LN Metals International Ltd
Street, Maroussi 15125, Greece. TEL: +30 210 686 1111. FAX: +30 210 686 1603. 20 Gracechurch Street, London EC3V 0BG. TEL: +44 20 7929 3614. FAX:
WEBSITE: www.halcor.gr. EMAIL: secmoustakas@steelmet.vionet.gr. +44 20 7847 3798 +44 20 7847 3799. WEBSITE: www.lnmetals.com.EMAIL:
Associate Trade Member. trading@lnmetals.com. DIRECTORS: Nigel Dentoom, Kevin Rhodes, Iain
Paterson, Michael Schonfeld. TRADING PERSONNEL: Tony Every, Monika
Hunter Douglas NV Zientara, Dominic Davies, Steve Barbouttis, Martin Nunez. COMPANY
Piekstraat 2, 3071-EL Rotterdam, Netherlands. TEL: +31 10 439 7000. SECRETARY: Kevin Rhodes. ESTABLISHED: 1998. OWNERSHIP: RMB Australia
FAX: +31 10 439 7099. EMAIL: e.dewaard@hde.nl. DIRECTORS: Holdings Limited (46.47%); LNMH Limited (25.58%); Nigel Dentoom
R. Sonnenberg (president and chief executive officer), J.T. Sherwin (7.75%); Kevin Rhodes (7.75%); Iain Paterson (8.41%); Others (4.04%).
(director). OFFICERS: L. Reijtenbagh (vice president, administration SUBSIDIARIES: LN Futures Ltd. NON-LME METALS HANDLED: Ferro-alloys,
controller and assistant secretary). TRADING PERSONNEL: Cathleen Popkin. antimony, cadmium, bismuth and selenium. ADDITIONAL INFORMATION:
COMPLIANCE OFFICER: J.T. Sherwin (director). ESTABLISHED: 1971. Primary metal trader in zinc, lead, copper, nickel, tin, aluminium, steel,
SUBSIDIARIES: Metals - Hunter Douglas Metals BV, Hunter Douglas Metals minor metals plus concentrates and secondary products. MMTA member.
Inc. Associate Trade Clearing Member. Associate Trade Member.
Hydro Aluminium AS Lonconex Ltd
Drammensveien 260, 0240 Oslo, Norway. TEL: +47 22 53 8100. WEBSITE: 4 Harley Street, London W1G 9PB. Tel: +44 20 7631 3485. Fax: +44 20 7631
www.hydro.com. EMAIL: corporate@hydro.com. CHIEF EXECUTIVE 3486. EMAIL: lonconex@yahoo.com. DIRECTORS: P.M. Saiman. COMPANY
OFFICER: Svein Richard Brandtzaeg. CFO: Jorgen C Arentz Rostrup, SECRETARY: A. Crocker. OWNERSHIP: Primary Holdings Ltd (Ultimate Parent
CORPORATE STAFF & GENERAL COUNSEL: Wenche Agerup. BAUXITE - Kettering Holdings, Gibraltar). ASSOCIATES: Primary Industries (UK) Ltd
& ALUMINA: Johhny Undelli. ENERGY: Arvid Moss, PRIMARY METAL: Hilde Associate Trade Member.
M Aasheim. METAL MARKETS: Kjetil Ebberberg. ROLLED PRODUCTS: Oliver
Bell. EXTRUDED PRODUCTS: Hans-Joachim Kock. PROJECTS: Tom Rotjer. Metdist Ltd
Associate Trade Clearing Member 80 Cannon Street, London EC4N 6EJ. TEL: +44 20 7280 0000. FAX:
+44 20 7606 6650. EMAIL: enquiries@metdist.com. MANAGEMENT: Lord
Indumetal Recycling SA Bagri CBE (Chairman), The Hon A. Bagri (Managing Director). ESTABLISHED:
Carretera de la Cantera, 11, 48950 Asua-Erandio, Bizkaia, Spain. 1970. OWNERSHIP: Minmetco Ltd. ASSOCIATES: Metdist Trading Ltd.
TEL: +34 94 471 0018. FAX: +34 94 471 03 98. WEBSITE: www.indumetal. NON-LME METALS HANDLED: All non-ferrous metals, ores, concentrates
com. EMAIL: irsa@indumetal.com. DIRECTORS: Juan de la Rica, Esteban and semis. ADDITIONAL INFORMATION: International non-ferrous
Marijuán-Requeta. COMMERCIAL DEPARTMENT: Ana Villanueva (purchasing merchants. Associate Trade Member.
and sales manager). ESTABLISHED: 1984. SUBSIDIARIES: Recypilas; IR
Elektronik. ADDITIONAL INFORMATION: Indumetal Recycling SA handles MFC Commodities GmbH
telephonic and electronic scrap, waste electrical and electronic Millennium Tower, 21st floor, Handelskai 94-96, 1200 Vienna, Austria.
equipment (WEEE). Associate Trade Member. TEL: +43 1 240 250. FAX: +43 1 240 25 263. EMAIL: office@mfc-commodities.
October 2011 | LME | 33
LME 2011
LME 2011
Other associate members
com. DIRECTORS: Ernest Alders, Ferdinand Steinbauer. TRADING KBM Affilips BV, Roba Metals Ltd, RMD BV. NON-LME METALS HANDLED:
PERSONNEL: Reinhard Mueller, Nikolay Rodkin. COMPLIANCE OFFICER: Master alloys, steel, and stainless steels, aluminium and copper semis
Rosalinde Winkler. OWNERSHIP: Mass Financials. NON-LME METALS and non-ferrous scrap. Associate Trade Member.
HANDLED: Cobalt, iron ore, steel and magnesium. PLASTICS OFFICER:
Stefan Mikula. Associate Trade Member. Simportex Ltd
452A Finchley Road, London NW11 8DG. TEL: +44 20 8457 8770. FAX:
Nexans Deutschland GmbH* +44 20 8457 7484. WEBSITE: www.simportex.com EMAIL: sales@
Kabelkamp 20, 30179 Hannover, Germany. TEL: +49 511 676 01. FAX: simportex.com. DIRECTORS: V.N. Singhania, Mrs. G.D. Singhania, A.K.
+49 511 676 2544. WEBSITE: www.nexans.de. EMAIL: info.ndi@nexans. Singhania. TRADING PERSONNEL: V.N. Singhania, A.K. Singhania. STEEL
com. Associate Trade Member. PERSONNEL: V.N. Singhania, A.K. Singhania. COMPLIANCE OFFICER: A.K.
Singhania. COMPANY SECRETARY: V.N. Singhania. ESTABLISHED: 1964.
Nyrstar Sales & Marketing AG OWNERSHIP: Private. BRANCHES: Mumbai – Tel: +91 22 2752 6570/6924,
Tessinerplatz 7, 8002 Zurich, Switzerland. TEL: +41 44 745 8100. Fax: +91 22 2752 6692, Email: simportexmumbai@gmail.com. PLASTICS
Fax: +41 44 745 8110. WEBSITE: www.nyrstar.com. EMAIL: geert. OFFICER: V.N. Singhania. WHO SHOULD BE CONTACTED FOR PLASTICS
vandenbroeck@nyrstar.com. DIRECTORS: Heinz Eigner, Michael Morley, INFORMATION: V.N. Singhania, A.K. Singhania. Associate Trade Member.
Maarten de Leeuw. TRADING PERSONNEL: Geert Van den Broeck, Koenraad
Dom. COMPLIANCE OFFICER: Virginie Lietaer. COMPANY SECRETARY: Virginie Tangent Trading Ltd
Lietaer. ESTABLISHED: 2010. OWNERSHIP: Nyrstar Holdings CV. Associate 1 Dollis Mews, London N3 1HH. TEL: +44 20 8349 4822. FAX: +44 20 8349
Trade Member. 4860. WEBSITE: www.tangenttrading.co.uk. EMAIL: info@
tangenttrading.co.uk. DIRECTORS: Julian Taylor, Darren Leigh, Naushina
Outokumpu Oyj Reid. TRADING PERSONNEL: Robert Borland. COMPANY SECRETARY: Naushina
Riihitontuntie 7, 02200 Espoo, Finland. POSTAL ADDRESS: PO Box 140, 02201 Reid. ESTABLISHED: 1985. OWNERSHIP: Privately held. ASSOCIATES: Tangent
Espoo, Finland. TEL: +358 9 4211. FAX: +358 9 421 3888. WEBSITE: Trading Corp. NON-LME METALS HANDLED: Non-ferrous scrap and stainless
www.outokumpu.com. EMAIL: [firstname.lastname]@outokumpu.com. steel scrap. Associate Trade Member.
DIRECTORS: Mika Seitovirta (chief executive officer & president), Karri
Kaitue, Esa Lager, Pii Kotilainen, Jarmo Tonteri, Jamie Allan, Kari Parvento. Teck Metals Ltd
TRADING PERSONNEL: Tuomas Lehtonen, Riku Raehalme, Reetta Antila. #1700-11, King Street West, Toronto, ON M5H 4C7, Canada. TEL:
COMPLIANCE OFFICER: Johanna Isoherranen. COMPANY SECRETARY: Matti +1 647 788 3000. FAX: +1 647 788 3001. WEBSITE: www.teck.com. EMAIL:
Louhija. ESTABLISHED: 1932. OWNERSHIP: Public company. Associate marketing.sales@teck.com. TRADING PERSONNEL: Rob Wilson (metals
Trade Member. trading manager), Robert J. Doyle (concentrate marketing manager).
COMPANY SECRETARY: Karen Dunfee. ESTABLISHED: 1906. OWNERSHIP:
Prysmian Cables & Systems Ltd* Public. NON-LME METALS HANDLED: Silver, gold, indium, germanium and
Chickenhall Lane, Bishopstoke, Hants SO50 6YU. TEL: +44 2380 295555. cadmium. ADDITIONAL INFORMATION: The head office of Teck Resources Ltd
WEBSITE: www.prysmian.co.uk. Associate Trade Member. is based at: #3300 Bentall 5, 550 Burrard Street, Vancouver, BC V6C 0B3,
Canada (Tel: +1 604 699 4000. Fax: +1 604 699 4750). Associate Trade
Member.
Richmond Commodities Ltd
Runnymede Malthouse, PO Box 234, Egham, Surrey TW20 9WW. Total Global Steel Ltd
TEL: +44 203 463 0770 FAX: +44 203 463 0771. EMAIL: operations@ Dukes House, Dukes Place, London EC3A 7LP. TEL: +44 20 7933 9150
richmondcommodities.com. DIRECTORS: Bryce Morrison, Tony Pearson, FAX: +44 20 7933 9151. WEBSITE: +44 20 7933 9151. EMAIL:
Rory Morrison, Martin Pearson-Wiggs, Adam Pearson, Caitlin Horn. info@totalglobalsteel.co.uk. DIRECTORS: Martin Lonergan, Paul
TRADING PERSONNEL: Bryce Morrison, Tony Pearson, Rory Morrison, Glenys O’Doherty, Olga Molokina, Darren Barrows, Raymond Giltrow. TRADING
Rebane, Martin Pearson-Wiggs, Adam Pearson, Caitlin Horn. COMPANY PERSONNEL: Martin Lonergan, Olga Molokina. COMPLIANCE OFFICER:
SECRETARY: Martin Pearson-Wiggs. ESTABLISHED: 1995. NON-LME METALS Charlotte Lonergan, Sophie Graham. COMPANY SECRETARY: PFC
HANDLED: Platinum, palladium, rhodium, ruthenium and iridium International Services Ltd. ESTABLISHED: 1999. OWNERSHIP: Private
OTHER MEMBERSHIPS: The London Platinum & Palladium Market. Associate SUBSIDIARIES: Trans Global Holdings Ltd, Total Global Steel (Sierra Leone)
Trade Member. Ltd, Total Global China (Shanghai) Ltd. ASSOCIATES: Total Global Steel GmbH
Ltd. Associate Trade Member.
Rio Tinto London Ltd
2 Eastbourne Terrace, London W2 6LG. TEL: +44 20 7781 2000. FAX: Tradition Dubai Ltd
+44 20 7781 1800. WEBSITE: www.riotinto.com. DIRECTORS: D.S. Larsen, Currency House, Level 2, Unit 3, DIFC, PO Box 506530, Dubai, UAE. TEL:
B.J.S. Mathews, U. Quellmann. TRADING PERSONNEL: Craig Kinnell. +971 4 364 1400. WEBSITE: www.tradition.com. DIRECTORS: Golnaz
COMPANY SECRETARY: Matthew Whyte. ESTABLISHED: 1948. OWNERSHIP: Parisaei, COMPLIANCE OFFICER: Golnaz Parisaei. Associate Trade Member.
Rio Tinto plc. Associate Trade Member.
Trimet Aluminium AG
Roba Metals BV Aluminiumallee 1, 45356 Essen, Germany. TEL: +49 201 336-0. FAX:
Zomerdijk 27-33, 3402 ML IJsselstein, Netherlands. TEL: +31 30 68 60 211. +49 201 366-833. WEBSITE: www.trimet.de. EMAIL: trade@trimet.de.
FAX: +31 30 68 67 556. WEBSITE: www.robametals.com. EMAIL: DIRECTORS: Ilias Papadopoulos, Heinz Walter, Mathias Steffen. TRADING
recycling@robametals.com. DIRECTORS: P.S. Cohn, J. van den Berg, PERSONNEL: Ilias Papadopoulos, Heinz Walter, Mathias Steffen, Christian
G. Soesan. TRADING PERSONNEL: G. Soesan, F. van den Ham, D. Peele. Berrens, Markus Plettau, Max Lingemann, Sascha Ewert, Jan Petkov.
COMPLIANCE OFFICER: I. Sapir. COMPANY SECRETARY: I. Sapir. ESTABLISHED: OWNERSHIP: Heinz-Peter Schlüter. SUBSIDIARIES: Trimet Italy; Trimet
1937. OWNERSHIP: Private. SUBSIDIARIES: KBM Master Alloys BV, Affilips NV, Berlin. ASSOCIATES: VDM. Associate Trade Member.
34 | LME | October 2011
LME 2011
LME 2011
Other associate members
Vale Inco* Tattendorf GmbH, Tattendorf, Austria. NON-LME METALS HANDLED: Minor
200 Bay Street, Royal Bank Plaza, Toronto, ON M5J 2K2, Canada. POSTAL metals, non-ferrous metal scrap, non-ferrous metal residues. Associate
ADDRESS: Suite 1600, South Tower, PO Box 70, Toronto, ON, Canada. Trade Member.
TEL: +1 416 361 7511. FAX: +1 416 361 7781. WEBSITE: nickel.vale.com.
EMAIL: valebasemetals@vale.com. OWNERSHIP: Vale. PRINCIPAL W J Furse & Co Ltd*
OPERATIONS: Sudbury, ON; Thompson, MB; Newfoundland and Labrador; Wilford Road, Nottingham NG2 1EB. TEL: +44 115 964 3700. FAX:
PT Inco, Sulawesi, Indonesia (58.7%); Vale Japan Limited, Tokyo, Japan +44 115 986 0538. WEBSITE: www.furse.com. Associate Trade Member.
(76%). REFINING OPERATIONS: Clydach, Wales; Acton, UK; Taiwan Nickel
Refining Corporation (TNRC), Taiwan (49.9%); Korea Nickel Corporation Wogen Resources Ltd
(KNC), South Korea (25%); Vale Inco New Nickel Materials (Dalian) Co., Ltd., 4 The Sanctuary, Westminster, London SW1P 3JS. TEL: +44 20 7222 2171.
Dalian, China (98.27%); Port Colborne Refinery, Ontario, Canada. OTHER: FAX: +44 20 7222 5862. WEBSITE: www.wogen.com. EMAIL: wogen@
Vale Nouvelle-Caledonie SAS (74%). Associate Trade Member. wogen.com. DIRECTORS: D.A. Brousse, D.M. Hunter, A.J. Kerr, N. Poulter,
D. de Brouwer, S.J. Frigot, R.J. Sabberton, A.A. Williams. TRADING
Wilhelm Grillo Handelsgesellschaft mbH PERSONNEL: D. de Brouwer, D.A. Brousse, S.J. Frigot, D.M. Hunter, A.J. Kerr,
Am Grillopark 5, 47169 Duisburg, Germany. TEL: +49 203 4066 0. R.J. Sabberton, R.C. Wallace, A.A. Williams, W.E. Ruhomon, Laura
FAX: +49 203 4066 101. WEBSITE: www.grillohandel.de. EMAIL: Greenhalgh, Nick Cartwright, Olga Degtyareva. COMPANY SECRETARY:
info@grillohandel.de. DIRECTORS: Mrs G. Grillo (chairman), J. Wegener, A.C. Greenwood. ESTABLISHED: 1972. OWNERSHIP: Sanctuary Partners Ltd.
D. Likuski, R. Grillo, H.G. Terbeek, Hans-Dietrich Sens, W. Kessler. TRADING SUBSIDIARIES: Wogen Resources South Africa (Pty) Ltd. ASSOCIATES: Wogen
PERSONNEL: D. Krajewski, M. Schmidt, F. Menzel, E. Janssen. ESTABLISHED: Metal Commercial (Shanghai) Ltd; Wogen Pacific Ltd; Wogen do Brasil Ltda.
1919. OWNERSHIP: Herbert Grillo family. SUBSIDIARIES: Grillo Altmetall NON-LME METALS HANDLED: Minor metals, PGMs, ferro-alloys, electronic
GmbH, Duisburg (trading personnel: H. Kondziela, K. Wilde); Wilhelm metals, light metals, mineral sands, rare earths and ores and
Grillo Handelsges. mbH & Co KG, Vienna, Austria; Metallschmelze concentrates.
* No updated information received from the company
© Metal Bulletin 2011
BenMet NY
A focused trade house, where attention to detail, contract integrity,
delivery performance and confidentiality are just as important as price.
Nickel: BCL/Empress, Eramet, Tocantins & Jinchuan Cathodes, Briqs, Pellets
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Minor & Other Metals: Co, Cd, Ga, In, Sn, Ta
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489 Fifth Avenue Tel.: 212-972-8800
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USA derek.benham@benmet.com colin.strang@benmet.com
Agents in Mexico: Interamericana de Metales S.A. de C.V.
October 2011 | LME | 35
LME 2011
Boards, committees and staff
Boards, Committees and Staff
LME Ltd Board of Directors Paul Sadler, Abdul Sait, Ian Scott, Rob Seymour, Tony Sims, David Spencer-
Sir Brian Bender KCB (Chairman), Martin Abbott, Stephen Branton-Speak, Nixon, Philip Tagg, Nicholas Thomas, Mark Westbrook, Chris Wright,
Catherine Claydon, Jim Coupland, Gabriela Grillo, Richard Laing, James Hamazassp Asaturyan, Jayati Bosep, Paul Buckle, Paddy Byrne, Tom Habibi,
Land, M. Lockwood, Michael Overlander, Gavin Prentice, Fabian Gary Hood, Sumit Jain, Nigel Knight, Sarah Maris, Neal Pearce, Sabbareesh
Somerville-Cotton Ramesh, Lee Rolley, Stephen Weeks, Simon Worrall
LME Holdings Ltd Board of Directors Systems Operations
Sir Brian Bender KCB (chairman), Martin Abbott, Stephen Branton-Speak, David Abrahams, Kieran Bell, Rajan Bhari, Rishi Bhari,
Jim Coupland, Gabriela Grillo, Noel Harwerth, James Land, Nat le Roux, Laura Bradshaw, Suky Chima, David Coolegem, Gemma Edwards,
Michael Overlander, Gavin Prentice, David Rough, Fabian Somerville-Cotton Fola Egbeyemi, Lee Gibbins, Christine Green, Jay Hector, Deborah Jarvis,
Kate Joseph, James MacDonald, Rhiannon Needham, Michelle Page,
Chief Executive’s Office Melissa Suwarso, Janice White, Andrew Williams
Martin Abbott (chief executive), Georgina Dowler (PA to chief
executive/chairman) Singapore
Liz Milan (managing director, LME Asia), William Chin, Amy Koh
Commercial
Chris Evans (head of business development), Glen Chalkley (deputy head of Market data
business development), Rachel Lees (analytics), Catherine Markey (head of Emily Chen, Parin Jokhia, Lauren Temple, Caroline Porter
education and marketing), Robert Fig (education), Colin Griffith (precious
metals), Jonas Ahrell (marketing manager), Chloe Goldman (assistant to Market Operations
Catherine Markey & Chris Evans), Leticia Tovar (education), Javier Martin Richard Booth, Sammie-Jo Doherty, Hayley Druce, James Hepting,
(education), Claire Hobday (events), Miriam Heywood (press officer), Katrina Jakubowski, Kiran Kaur, Funmi Kuton, David Laffar, Daniel McNeill
Robert Sheldon (steel), Louise Carson, David Crawford, Shelley Morpeth,
Eric Taarland (marketing), Abraham Orchard, Katerina Bairaktari (website) Operations
Robert Hall, Mike Cotterill, Susan Donovan, Alan Jeffery, Laura Johnson,
Compliance John Kealey, Hilary Pepperman, Elizabeth Tompkins
Diarmuid O’Hegarty, Fiona Galvin, Baldev Bilkhu, Mark Bradley, James
Collier, Gillian Hampson, Peter Harlow, Tom Hine, James Muse, James Technology
Oldham, Chris Ramsden, Yana Richardson, Joanna Stuart, Mark Williams Michael Warren, Kevin Watson
Facilities Individual Members
Monique Maughan, Tracy Doye, Sue Allen, Donna Coombes, Chris P D Crabbe, E J C Album MA FCIArb FCT, D Jackman, D N Littlestone, S Martin,
Marchant, Terri Payne, Jackie Stump, Stephen Webb, Ken Chumber, N G Lion, M R Cotterill, M Kawamura, S N Payton, S Shibuya, M Wells (Ms),
Lee Walker C A Griffith
Finance Honorary Members
Philip Needham, Annmarie Norris, Marcos Castro, Hannah Cavender, The Lord Bagri CBE, D H Brydon CBE, K C Davies, M J C Linington, D E King,
Kelly Nisbet A R Booth, S J N Heale, I E J Foster, Sir Alan Traill GBE, R A Pearson, Alderman
Sir Clive Martin OBE TD, C J B Green, R D Gee, J P A Wolff
Human Resources
Helen Davies, Amy Barker Executive Committee
Martin Abbott (Chief Executive), Diarmuid O’Hegarty (Deputy Chief
Information Technology Executive), Tom Hine (General Counsel & Head of Enforcement), Liz Milan
Nicholas Betts, Debbie Birks, Andy Bishop, Sam Bohane, Rachel Bowditch, (Managing Director, LME Asia), Michael Warren (Chief Technology Officer),
Nigel Brooks, Luke Barfield, Tomas Bystrom, Steve Cooper, Darren Corneau, Andrew Williams (Director, Systems Operations), Philip Needham (Director
Simon Davies, Robert Fielding, Sim Gray, Nicholas Goodey, Jayes Halai, of Finance and Company Secretary)
Steve Halfacre, Gavin Jackson, Abhinav Jain, James Lawrence, James Milne,
Peter Moffat, Stephen Prentice, Roxanne Price, Karthik Ramaraj, Aluminium Committee
Mahammed Shaik, Michael Sharp, Jaranjit (Sharon) Thethi, Angela Gavin Prentice (Chair), Martin Abbott (Vice chair), Gary Borner, Holger
Thompson, Sukhdeep Virdee, Usha Ravi, Richard Stuart, Nigel Owens, Colin Ellmann, Rohan Khurana, Jean Marchand, Nicholas Martin, Kevin Moore,
Thornton, Kola Akinwande, Kirby Alexander, Ali Asgur, Shane Baker, Henk Michael Parker, Frans Pettinga, Waltraud Woehrer, Yang Xiao Wu,
Botha, Tony Bourne, Gary Booth, Roger Brownjohn, Anil Chumber, Andrew Wolfgang Zwingenberger, Hilary Pepperman (Secretary)
Clanfield, James Cooper, Craig Delves, Sean Duffy, Simon Firth, Douglas
Furlong, Renuka Ghogle, Ian Hersey, Kieran Hoban, Manoj Jain, Adrian Cobalt Committee
Jenkinson, Faisal Khan, Matthew Klemesrud, Michalis Kongtongk, Kyriacos Martin Abbott (Chair), Matthew Ashley, Gordon Buchanan, Guy Darby,
Kyriacou, Marianne Kremiec, James Mather, Jeannie Miller, Roy Morris, Nigel Dentoom, David Gaddes, Steve Lawson, Tony Southgate, Deborah
Roxanne Price, Kuljinder Rai, Chris Rolison, Shane Rozasty, Stott, Martin Vydra, Wayde Yeoman, Hilary Pepperman (Secretary)
36 | LME | October 2011
LME 2011
Boards, committees and staff
Copper Committee Tin Committee
Christian Schirmeister (Chair), Neil Bootman, Gonzalo Cuadra, Frédéric Liz Milan (Chair), Dato’ Seri Dr Mohd Ajib Anuar, George Donoghue, Inge
Gloppe, Thomas Goeda, Liangmin Gu, Stephen Higgins, Kazumasa Hori, Hofkens, Vincent Kho, Steef Nuijens, Adam Sussmes, Rene van der Kam,
David Lilley, Michael Lockwood, Sven Mueller-Thurau, Hilary Pepperman Hilary Pepperman (Secretary)
(Secretary)
Ring Dealers Committee
Lead and Zinc Committee Peter Childs (Chair), Peter Burnett, Nick Fellowes, Mark Hicks, Geoffrey
John Crofts (Chair), Hans D. Sens (Vice chair), Olivier Brouet, Cersten Buro, Ison, Malcolm Leonard, Stuart Neville, Steve Pettitt, Lee Pridie, Gavin
Antoine Carassus, Lutz Kieselbach, Javier Suarez, Theodoor van Beers, Rankine, Patrick Seymour, Andy Vale, Martin Woodall, Katrina Jakubowski
Jeremy Woolridge, Yong Zhao, Hilary Pepperman (Secretary) (Secretary)
Molybdenum Committee Traded Options Committee
Martin Abbott (Chair), Jorge Cristi, Gonzalo Cuadra, Gregoire de Beco, Ben Green (Chair), Martin Abbott (Vice chair), Daniel Banks, Ronan
Matthew Forgham, Erik Hedström, Andreas Keller, Danny Padwick, Donohoe, Jamie Grace, Marek Lacko, Iain Macrae, Martin Thompson,
Andrew Silver, Deborah Stott, Hilary Pepperman (Secretary) Simon Underhill, Joanna Stuart (Secretary)
Nickel Committee Trading Committee
Gavin Prentice (Chair), John Smillie (Vice chair), Klaus Basse, Paul Michael Overlander (Chair), Peter Allan, Neil Clift, Nick Fellowes, Barry
Desportes, Keith Dunleavy, David Gaddes, Fernando Gutierrez, Peter Gershon, Ben Green, Jeremy Jevons, Malcolm Leonard, Iain Macrae, Frans
Koken, Yuji Kubo, Carl Landuydt, Erik Noren, Steve Reece, Pettinga, Martin Pratt, Fabian Somerville-Cotton, Andy Vale, Glen Chalkley
Rinie van Iwaarden, Nick Williams, Michael Wright, Hilary Pepperman (Secretary), Peter Childs (Secretary)
(Secretary)
Warehousing Committee
Steel Committee Fabian Somerville-Cotton (Chair), Miles Linington (Vice chair), Gordon
Jim Coupland (Chair), Martin Abbott (Vice chair), Swen Bornholdt, Ugur Brown, Gonzalo Cuadra, Mike Dudley, Sergio Garbin, Graham Hawkins,
Dalbeler, Peter Faulkner, Jean Luc Fiorenzoni, Neil Fitzpatrick, Jeff Kabel, Chris Jonker, David Lilley, Shon Loth, Frans Pettinga, Thorleif Schjelderup,
Ray Key, Shon Loth, Mark Lyons, Liz Milan, Ibrahim Ulusal, Tim Wilson, Brian Smith, Chris Wibbelman, John Kealey (Secretary)
Butch Zeederberg, Hilary Pepperman (Secretary)
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LME 2011
Who’s who
Who’s who of the LME
A Barnes, Peter, Deutsche Bank AG
Barratt, G., Jefferies Bache, Ltd
Barrows, Darren, Total Global Steel Ltd
Aasheim, Hilde M, Hydro Aluminium AS Bart de Boer, Jan, ABN Amro Clearing Bank NV, London Branch
Abbott, Martin (Chief Executive Officer, LME Ltd Board of Directors, Bartlett, David, Koch Metals Trading Ltd
LME Holdings Ltd Board of Directors, Executive Committee, Basse, Klaus (Nickel Committee)
Aluminium Committee, Cobalt Committee, Molybdenum Beach, Doug, Koch Metals Trading Ltd
Committee, Steel Committee, Traded Options Committee) Bell, Kieran (Systems Operations)
Abed, Moataz, Merrill Lynch International Bell, Oliver, Hydro Aluminium AS
Abrahams, David (Systems Operations) Bender, Sir Brian KCB, Chairman, LME Ltd Board of Directors,
Abrehart, Deborah, ICAP Securities Ltd LME Holdings Ltd Board of Directors
Adams, Tom, Newedge Benny, S., Jefferies Bache, Ltd
Adkerson, Richard C., Freeport-McMoRan Copper & Gold Inc Berrens, Christian, Trimet Aluminium AG
Agerup, Wenche, Hydro Aluminium AS Betts, Nicholas (Information Technology)
Ahmadzadeh, Dr. Mo, INTL FCStone (Europe) Ltd Bhari, Rajan (Systems Operations)
Ahrell, Jonas (Marketing Manager) Bhari, Rishi (Systems Operations)
Aitken, Stuart, Mitsui Bussan Commodities Ltd Bilkhu, Baldev (Compliance)
Akinwande, Kola (Information Technology) Bingley, Steven, ICAP Securities Ltd
Album, E J C, MA FCIArb, FCT (Individual Member) Birks, Debbie (Information Technology)
Alders, Ernest, MFC Commodities GmbH Bishop, Andy (Information Technology)
Alexander, Kirby (Information Technology) Blanchard, Philip, Euromin SA
Alexander, Robert, Mizuho Securities USA Inc Bloggs, Chris, A & M Group Ltd
Allan, Peter, Mitsui Bussan Commodities Ltd Boel, Stefan, Aurubis AG
Allan, Jamie, Outokumpu Oyj Bohane, Sam (Information Technology)
Allan, Peter (Trading Committee) Bohlsen, James, Mizuho Securities USA Inc
Allen, Sue (Facilities) Boland, Jim, Natixis Commodity Markets Ltd
Andrews, James, Toyota Tsusho Metals Ltd Bollins, H., DD&Co Ltd
Antila, Reetta, Outokumpu Oyj Booth, Richard (Market Operations)
Dato’Seri, Dr Mohd Ajib Anuar (Tin Committee) Booth, Gary (Information Technology)
Apps, Paul, ED & F Man Commodity Advisers Ltd Booth, A R (Honorary Member)
ArentzRostrup, Jorgen C, Hydro Aluminium AS Bootman, Neil (Copper Committee)
Arnold, Michael J., Freeport-McMoRan Copper & Gold Inc Borland, Robert, Tangent Trading Ltd
Asaturyan, Hamazasp (Information Technology) Borner, Gary (Aluminium Committee)
Asgur, Ali (Information Technology) Bornholdt, Swen (Steel Committee)
Asher, Francis, ICAP Securities Ltd Bosep, Jayati (Information Technology)
Ashley, Matthew (Cobalt Committee) Botha, Henk (Information Technology)
Atkins, J.S., Amalgamated Metal Trading Ltd Bourne, Tony (Information Technology)
Awad, Marcelo, Antofagasta Minerals SA Bowditch, Rachel (Information Technology)
Bradley, Mark (Compliance)
B Bradshaw, Laura (Systems Operations)
Brandtzaeg, Svein Richard, Hydro Aluminium AS
Branton-Speak, Stephen, Goldman Sachs International,
Bagri, The Hon A., Metdist Trading Ltd, Metdist Ltd LME Ltd Board of Directors, LME Holdings Ltd Board of Directors
Bagri, Lord, CBE, Metdist Trading Ltd, Metdist Ltd (Honorary Member) Bravo, Rodrigo, Antofagasta Minerals SA
Bailey, M., Jefferies Bache, Ltd Bridel, Claire, Natixis Commodity Markets Ltd
Bailey, Allan, INTL FCStone (Europe) Ltd Brierley, Stephen, INTL FCStone (Europe) Ltd
Baines, Nigel, J.P. Morgan Securities Ltd Brimble, Charles, ADM Investor Services International Ltd
Bairaktari, Katerina (Website) Broeck, Geert Van den, Nyrstar Sales & Marketing AG
Baker, Jared, Credit Suisse Brooks, Nigel (Information Technology)
Baker, Mike, Euromin SA Brouet, Olivier (Lead & Zinc Committee)
Baker, Shane (Information Technology) Broughton, Conor, A & M Group Ltd
Banks, Daniel, Koch Metals Trading Ltd (Traded Options Committee) Brousse, D.A., Wogen Resources Ltd
Bansal, Shailendra, Gold Matrix Resources Pte Ltd Brown, Gordon (Warehousing Committee)
Barbouttis, Steve, LN Metals International Ltd Browning, James, Newedge
Barfield, Luke (Information Technology) Brownjohn, Roger (Information Technology)
Barker, Phil, ICAP Securities Ltd Brydon, D H, CBE (Honorary Member)
Barker, T, Jefferies Bache, Ltd Buchanan, Gordon (Cobalt Committee)
Barker, Amy (Human Resources) Buckle, Paul (Information Technology)
October 2011 | LME | 39
LME 2011
Who’s who
Bungey, J., Amalgamated Metal Trading Ltd LME Holdings Ltd Board of Directors (Chair, Steel Committee)
Burnett, Peter, Metdist Trading Ltd (Ring Dealers Committee) Cox, Stella, DD&Co Ltd
Burns, David, Commerzbank AG London branch Crabbe, P D (Individual Member)
Buro, Cersten (Lead & Zinc Committee) Crawford, David (Marketing)
Burwood-Taylor, Olivia, Royal Bank of Canada Europe Ltd Cristi, Jorge (Molybdenum Committee)
Butler, Martin, Merrill Lynch International Crocker, A., Lonconex Ltd
Butler, Michael, Mitsui Bussan Commodities Ltd Crofts, John (Lead & Zinc Committee)
Butler Smith, Paul, Crédit Agricole - Corporate and Investment Bank Cross, Benjamin, Morgan Stanley & Co International plc
Byrne, Paddy (Information Technology) Cuadra, Gonzalo (Copper Committee, Molybdenum Committee,
Bystrom, Tomas (Information Technology) Warehousing Committee)
Culley, M., Metdist Trading Ltd
C
D
Calamia, Marco, KME Germany AG & Co KG
Callow, Michael, Standard Bank plc D’Souza, Michael, Merrill Lynch International
Cambridge, Dave, BGC Brokers International Dalbeler, Ugur (Steel Committee)
Caporale, R., Jefferies Bache, Ltd Daniel, George, Merrill Lynch International
Capps, Warren, Morgan Stanley & Co International plc Darby, Guy, Darton Commodities Ltd (Cobalt Committee)
Carassus, Antoine (Lead & Zinc Committee) David, Peter, A & M Group Ltd
Carozza, Marc, ICAP Securities Ltd Davies, Ashley, ED & F Man Commodity Advisers Ltd
Carroll, Donal, Euromin SA Davies, Dominic, LN Metals International Ltd
Carson, Louise (Marketing) Davies, Helen (Human Resources)
Cartwright, Nick, Wogen Resources Ltd Davies, Simon (Information Technology)
Castro, Marcos (Finance) Davies, K C (Honorary Member)
Cavender, Hannah (Finance) Davis, J., Amalgamated Metal Trading Ltd
Chaim, Ming, Morgan Stanley & Co International plc de Beco, Gregoire (Molybdenum Committee)
Chalkley, Glen (Deputy Head of Business Development; Secretary, de Brouwer, D., Wogen Resources Ltd
Trading Committee) de la Rica, Juan, Indumetal Recycling SA
Challis, Julie, Credit Suisse Degtyareva, Olga, Wogen Resources Ltd
Chapman, Brian, Mitsui Bussan Commodities Ltd Delves, Craig (Information Technology)
Chatterton, Simon, BGC Brokers International Demler, Fred, MF Global UK Limited
Chazal, Gwenael, Toyota Tsusho Metals Ltd Denison, Nigel, Bank of London and The Middle East
Chen, Y., Amalgamated Metal Trading Ltd Dennis, John, Crédit Agricole - Corporate and Investment Bank
Chen, Emily (Market Data) Dentoom, Nigel, LN Metals International Ltd (Cobalt Committee)
Cheyney, Alex, ICAP Securities Ltd Desportes, Paul (Nickel Committee)
Childs, Peter (Ring Dealers Committee, Trading Committee) Diaz, Antonio, MF Global UK Limited
Chima, Suky (Systems Operations) Diecchio, J., Jefferies Bache, Ltd
Chin, William (Singapore) Ding, Jane, MF Global UK Limited
Chumber, Ken (Facilities) Do, Pham Thanh, A & M Group Ltd
Chumber, Anil (Information Technology) Dobson, Jason, ICAP Securities Ltd
Chupin, Arnaud, Crédit Agricole - Corporate and Investment Bank Docx, Sarah, MF Global UK Limited
Clanfield, Andrew (Information Technology) Doherty, Sammie-Jo (Market Operations)
Claydon, Catherine, LME Ltd Board of Directors Dom, Koenraad, Nyrstar Sales & Marketing AG
Clegg, Alan, J.P. Morgan Securities Ltd Doman, Lester, Toyota Tsusho Metals Ltd
Clift, Neil, J.P. Morgan Securities Ltd (Trading Committee) Domisch, C., Jefferies Bache, Ltd
Coghill, Tom, Standard Chartered Bank Donoghue, George (Tin Committee)
Cohn, P.S., Roba Metals BV Donohoe, Ronan (Traded Options Committee)
Coles, Stephen, Triland Metals Ltd Donovan, Susan (Operations)
Collier, James (Compliance) Dowler, Georgina (PA to Chief Executive/Chairman)
Combes, François, Société Générale Downe, Andrew, Macquarie Bank Limited
Constantinides, Mark, ED & F Man Commodity Advisers Ltd Doye, Tracy (Facilities)
Coolegem, David (Systems Operations) Doyle, Robert J., Teck Metals Ltd
Coomber, M., Jefferies Bache, Ltd Drouin, Jerome, Credit Suisse
Coombes, Donna (Facilities) Drouven, Bernd, Aurubis AG
Cooper, James (Information Technology) Druce, Hayley (Market Operations)
Cooper, Steve (Information Technology) Dubernet, Sebastien, UBS Ltd
Corcos, E.D., Amalgamated Metal Trading Ltd Dudley, Mike (Warehousing Committee)
Corneau, Darren (Information Technology) Duffy, Sean (Information Technology)
Corrado, Vincenzo, Citigroup Global Markets Ltd Dulake, M., Amalgamated Metal Trading Ltd
Cotterill, Mike (Operations) Dulieu, B., Jefferies Bache, Ltd
Cotterill, M R (Individual Member) Dunfee, Karen, Teck Metals Ltd
Coupland, Jim, Standard Bank plc, LME Ltd Board of Directors, Dunleavy, Keith (Nickel Committee)
40 | LME | October 2011
LME 2011
Who’s who
E G
East, Jeremy, Standard Chartered Bank Gaddes, David (Cobalt Committee, Nickel Committee)
Ebberberg, Kjetil, Hydro Aluminium AS Galvin, Fiona (Compliance)
Edwards, Gemma (Systems Operations) Garbin, Sergio (Warehousing Committee)
Edwards, Nigel, Marex Spectron Garner, Bruce, Standard Bank plc
Egan, Pauline, Royal Bank of Canada Europe Ltd Garré, Riccardo, KME Germany AG & Co KG
Egbeyemi, Fola (Systems Operations) Gee, R D (Honorary Member)
Eigner, Heinz, Nyrstar Sales & Marketing AG Gelber, David, DD&Co Ltd
Eisner, E., Jefferies Bache, Ltd Gerard, Jean-Sebastien, Euromin SA
Eld, Daniel, Koch Metals Trading Ltd Gerbens, Andries, Darton Commodities Ltd
Ellmann, Holger (Aluminium Committee) Gershon, Barry, Jefferies Bache, Ltd (Trading Committee)
Emara, Sam, ICAP Securities Ltd Ghogle, Renuka (Information Technology)
Ervasti, John, Scotiabank Europe plc Gibbins, A., Jefferies Bache, Ltd
Evans, S., Jefferies Bache, Ltd Gibbins, Lee (Systems Operations)
Evans, Chris (Head of Business Development) Giltrow, Raymond, Total Global Steel Ltd
Everett, Robert, Merrill Lynch International Gloppe, Frédéric (Copper Committee)
Every, Tony, LN Metals International Ltd Goeda, Thomas, KME Germany AG & Co KG (Copper Committee)
Ewart, Alan, A & M Group Ltd Goldman, Chloe (Assistant)
Ewert, Sascha, Trimet Aluminium AG Gooch, Andy, Natixis Commodity Markets Ltd
Exley, J., Metdist Trading Ltd Goodey, Nicholas (Information Technology)
Goodger, Steve, BGC Brokers International
Grace, Jamie, Standard Chartered Bank (Traded Options Committee)
F Graham, Paul, Sucden Financial Ltd
Graham, Sophie, Total Global Steel Ltd
Fairweather, James, ABN Amro Clearing Bank NV, London Branch Gray, Sim (Information Technology)
Farman, Oliver, Koch Metals Trading Ltd Green, Christine (Systems Operations)
Fatemi, Berouz, Credit Suisse Green, Ben (Traded Options Committee, Trading Committee)
Faulkner, Peter, Standard Bank plc (Steel Committee) Green, C J B (Honorary Member)
Faulks, Dianne, Jefferies Bache, Ltd Greenhalgh, Laura, Wogen Resources Ltd
Faust, Erwin, Aurubis AG Greenslade, John, Royal Bank of Canada Europe Ltd
Favillier, P. A., Jefferies Bache, Ltd Greenwood, A.C., Wogen Resources Ltd
Favre, Roland, Euromin SA Grenfell, Simon, Deutsche Bank AG
Feitel, Charlie, Morgan Stanley & Co International plc Griffin, M., Amalgamated Metal Trading Ltd
Fellowes, Nick, Amalgamated Metal Trading Ltd (Ring Dealers Griffith, Colin (Education and Marketing)
Committee, Trading Committee) Griffith, C A (Individual Member)
Fielding, Robert (Information Technology) Grigg, Louise, DD&Co Ltd
Fig, Robert (Education) Grillo, Gabriela, Wilhelm Grillo Handelsgesellschaft mbH,
Fiorenzoni, Jean Luc (Steel Committee) LME Ltd Board of Directors, LME Holdings Ltd Board of Directors
Firth, Simon (Information Technology) Grillo, R., Wilhelm Grillo Handelsgesellschaft mbH
Fitzgerald, A., Amalgamated Metal Trading Ltd Grinham, Peter, INTL FCStone (Europe) Ltd
Fitzpatrick, Neil (Steel Committee) Groves, Shaun, Merrill Lynch International
Flowerday, David, Citigroup Global Markets Ltd Grunsfeld, Christopher, Morgan Stanley & Co International plc
Forgham, Matthew (Molybdenum Committee) Gu, Liangmin (Copper Committee)
Foster, Andrew, Royal Bank of Canada Europe Ltd Gutierrez, Fernando (Nickel Committee)
Foster, Mark, Citigroup Global Markets Ltd
Foster, I E J (Honorary Member)
Fowler, Darren, ADM Investor Services International Ltd H
Fox-Andrews, Mark, ADM Investor Services International Ltd
Foxley, Andrew, Newedge Habibi, Tom (Information Technology)
France, Matthew, Morgan Stanley & Co International plc Hainsworth, Sam, J.P. Morgan Securities Ltd
Fransen, David, Euromin SA Hajdukiewicz, Richard, Deutsche Bank AG
Freeman, Malcolm, INTL FCStone (Europe) Ltd Halai, Jayes (Information Technology)
Freitas, Hector, UBS Ltd Halfacre, Steve (Information Technology)
Frigot, S.J., Wogen Resources Ltd Hall, Robert (Operations)
Fu, R., Jefferies Bache, Ltd Hamblin, Mark, BGC Brokers International
Fujihara, Takeo, Toyota Tsusho Metals Ltd Hameister, Tilman, BGC Brokers International
Fujiwara, Yasuhiro, Merrill Lynch International Hampson, Gillian (Compliance)
Fukukusa, Janice, Royal Bank of Canada Europe Ltd Hardy, Nicola, Jefferies Bache, Ltd
Furlong, Douglas (Information Technology) Harlow, Peter (Compliance)
Hart, William, Newedge
Harvey, Mark, Credit Suisse
Harwerth, Noel,LME Holdings Ltd Board of Directors
October 2011 | LME | 41
LME 2011
Who’s who
Hawkins, Graham (Warehousing Committee) Jelf, Graham, Standard Chartered Bank
Hayer, Jasmin, INTL FCStone (Europe) Ltd Jenkinson, Adrian (Information Technology)
Heale, S J N (Honorary Member) Jevons, M., Jefferies Bache, Ltd
Heath, Alex, INTL FCStone (Europe) Ltd Jevons, Jeremy (Trading Committee)
Hector, Jay (Systems Operations) Johnson, Laura (Operations)
Hedström, Erik (Molybdenum Committee) Jokhia, Parin (Market Data)
Hemsley, Sally, Mitsui Bussan Commodities Ltd Jones, Roger, Barclays Capital
Hepting, James (Market Operations) Jongmans, Marcel, ABN Amro Clearing Bank NV, London Branch
Hepworth, Graeme, Royal Bank of Canada Europe Ltd Jonker, Chris (Warehousing Committee)
Hersey, Ian (Information Technology) Jooma, Nash, Commerzbank AG London branch
Herzfeld, Charles, A & M Group Ltd Jordan, Hugo, Antofagasta Minerals SA
Hetherington, Tracy, ADM Investor Services International Ltd Joseph, John, Gold Matrix Resources Pte Ltd
Heuga, Jean, Société Générale Joseph, Kate (Systems Operations)
Heywood, Miriam (Press Officer) Juneja, Amit, J.P. Morgan Securities Ltd
Hicks, Mark (Ring Dealers Committee)
Hickson, Peter, UBS Ltd
Higgins, Stephen (Copper Committee) K
Hine, Tom (Executive Committee, Compliance)
Hirobe, Takashi, Toyota Tsusho Metals Ltd Ka, Tonny, J.P. Morgan Securities Ltd
Hoban, Kieran (Information Technology) Kabel, Jeff, J.P. Morgan Securities Ltd (Steel Committee)
Hobday, Claire (Events) Kaitue, Karri, Outokumpu Oyj
Hofer, Markus, Alcan Trading Ltd Kakoulli, Dino, Royal Bank of Canada Europe Ltd
Hofkens, Inge (Tin Committee) Katesmark, Steve, Credit Suisse
Holme, Phillip, Newedge Kaur, Kiran (Market Operations)
Holmes, Rick, Mitsui Bussan Commodities Ltd Kawamura, M (Individual Member)
Holmes, David, Commerzbank AG London branch Kay, Jason, Merrill Lynch International
Hood, Gary (Information Technology) Kealey, John (Warehousing Committee, Operations)
Hori, Kazumasa (Copper Committee) Keki, Sinan, Bank of London and The Middle East
Horn, Caitlin, Richmond Commodities Ltd Keller, Andreas (Molybdenum Committee)
Howard, Phil, Barclays Capital Kelly, Declan, DD&Co Ltd
Huger, Philip, Crédit Agricole - Corporate and Investment Bank Kelly, James, Crédit Agricole - Corporate and Investment Bank
Hughes, Gareth, ICAP Securities Ltd Kemp, Jerome, Citigroup Global Markets Ltd
Hughes, Mark, Royal Bank of Canada Europe Ltd Kerr, A.J., Wogen Resources Ltd
Hung, Aaron, ICAP Securities Ltd Kessler, W., Wilhelm Grillo Handelsgesellschaft mbH
Hunter, D.M., Wogen Resources Ltd Ketley, Adam, Newedge
Hussey, M.J., Amalgamated Metal Trading Ltd Key, Raymond, Deutsche Bank AG (Steel Committee)
Khan, Faisal (Information Technology)
Kho, Vincent (Tin Committee)
I Khurana, Rohan (Aluminium Committee)
Khursheed, Nadeem, Citigroup Global Markets Ltd
Kieselbach, Lutz (Lead & Zinc Committee)
Ingman, Ari, Aurubis AG King, John, Koch Metals Trading Ltd
Isoherranen, Johanna, Outokumpu Oyj King, D E (Honorary Member)
Ison, Geoffrey, Sucden Financial Ltd (Ring Dealers Committee) Kinnell, Craig, Rio Tinto London Ltd
Kirby, G, Jefferies Bache, Ltd
J Klemesrud, Matthew (Information Technology)
Knight, Nigel (Information Technology)
Kock, Hans-Joachim, Hydro Aluminium AS
Jackman, D (Individual Member) Koh, Amy (Singapore)
Jackson, Gavin (Information Technology) Koken, Peter (Nickel Committee)
Jacobsen, Jens, Aurubis AG Kondo, Hideki, Toyota Tsusho Metals Ltd
Jain, Manoj (Information Technology) Kong, Vicki, MF Global UK Limited
Jain, Sumit (Information Technology) Kongtongk, Michalis (Information Technology)
Jain, Abhinav (Information Technology) Koppel, Lanie, Sucden Financial Ltd
Jakubowski, Katrina (Ring Dealers Committee, Market Kotilainen, Pii, Outokumpu Oyj
Operations) Kozu, Kazunori, J.P. Morgan Securities Ltd
James, Robert, Sucden Financial Ltd Krag, Stephen, Royal Bank of Canada Europe Ltd
Janes, Chris, J.P. Morgan Securities Ltd Krajewski, D., Wilhelm Grillo Handelsgesellschaft mbH
Jansen, Michael, J.P. Morgan Securities Ltd Kremiec, Marianne (Information Technology)
Janssen, E., Wilhelm Grillo Handelsgesellschaft mbH Kubo, Yuji (Nickel Committee)
Jara, Ramon, Antofagasta Minerals SA Kuton, Funmi (Market Operations)
Jarvis, Deborah (Systems Operations) Kyriacou, Kyriacos (Information Technology)
Jeffery, Alan (Operations)
42 | LME | October 2011
LME 2011
Who’s who
L Malik, Neyar S., Bank of London and The Middle East
Mann, Laurence, Merrill Lynch International
Lacko, Marek (Traded Options Committee) Mansell, Alistair, Credit Suisse
Laffar, David (Market Operations) Marchand, Jean (Aluminium Committee)
Lager, Esa, Outokumpu Oyj Marchant, Chris (Facilities)
Laing, Richard, LME Ltd Board of Directors Marijuán-Requeta, Indumetal Recycling SA
Lakhan, Harnik, Merrill Lynch International Maris, Sarah (Information Technology)
Lan, L., Amalgamated Metal Trading Ltd Markey, Catherine (Head of Education and Marketing)
Land, J.W., Amalgamated Metal Trading Ltd Marney, Paul, Toyota Tsusho Metals Ltd
Land, James, LME Ltd Board of Directors, LME Holdings Ltd Board Martin, Javier (Education)
of Directors Martin, Nicholas (Aluminium Committee)
Landuydt, Carl (Nickel Committee) Martin, S (Individual Member)
Lannegrace, Xavier, Société Générale Martin, Alderman Sir Clive, OBE, TD (Honorary Member)
Larke, David, Mitsui Bussan Commodities Ltd Mason, Jon, BGC Brokers International
Larsen, D.S., Rio Tinto London Ltd Mather, James (Information Technology)
Laurie, Danielle, Newedge Mathews, B.J.S., Rio Tinto London Ltd
Lawrence, James (Information Technology) Maughan, Monique (Facilities)
Lawson, S., Amalgamated Metal Trading Ltd Mawer, Stephen, Koch Metals Trading Ltd
Lawson, Steve (Cobalt Committee) McCann, A., Metdist Trading Ltd
Layton-McCann, Keryn, Morgan Stanley & Co International plc McGregor, Doug, Royal Bank of Canada Europe Ltd
Le Clercq, Vincent, Crédit Agricole - Corporate and Investment Bank McIntire, Rick, UBS Ltd
Lee, Chris, ABN Amro Clearing Bank NV, London Branch McIntyre, E., Jefferies Bache, Ltd
Lees, Rachel (Analytics) McKiernan, D., Jefferies Bache, Ltd
Leeuw, Maarten de, Nyrstar Sales & Marketing AG McMullan, Robert, Mitsui Bussan Commodities Ltd
Lehtonen, Tuomas, Outokumpu Oyj McNeill, Daniel (Market Operations)
Leigh, Darren, Tangent Trading Ltd McQuillan, Michael, Newedge
Lennon, Justin, Mitsui Bussan Commodities Ltd Meier, Patrick, Royal Bank of Canada Europe Ltd
Leonard, Malcolm, MF Global UK Limited (Ring Dealers Committee, Meir, Ed, MF Global UK Limited
Trading Committee) Menéndez, Gonzalo, Antofagasta Minerals SA
Leong, Dennis, Macquarie Bank Limited Menzel, F., Wilhelm Grillo Handelsgesellschaft mbH
Le Roux, Nat, LME Holdings Ltd Board of Directors Michaelsen, Henning, Aurubis AG
Leung, R., Jefferies Bache, Ltd Michalska, M., Amalgamated Metal Trading Ltd
Levy, David, Citigroup Global Markets Ltd Michie, H., Amalgamated Metal Trading Ltd
Li, Sammi, ICAP Securities Ltd Mikula, Stefan, MFC Commodities GmbH
Lietaer, Virginie, Nyrstar Sales & Marketing AG Milan, Liz (Managing Director, LME Asia; Executive
Likuski, D., Wilhelm Grillo Handelsgesellschaft mbH Committee, Steel Committee, Tin Committee)
Lilley, David (Copper Committee, Warehousing Committee) Miller, Jeannie (Information Technology)
Lim, Cheng Fie, A & M Group Ltd Milne, James (Information Technology)
Lim, Jesse Jnr, A & M Group Ltd Miniati, Marco, KME Germany AG & Co KG
Lingemann, Max, Trimet Aluminium AG Miyamoto, Sam, Mitsui Bussan Commodities Ltd
Linington, Miles (Warehousing Committee) Moffat, Peter (Information Technology)
Linington, M J C (Honorary Member) Moffett, James R., Freeport-McMoRan Copper & Gold Inc
Lion, N G (Individual Member) Molokina, Olga, Total Global Steel Ltd
Little, Roger, ABN Amro Clearing Bank NV, London Branch Montag, Tom, Merrill Lynch International
Littlestone, D N (Individual Member) Montelatici, Laura, KME Germany AG & Co KG
Lloyd, Jane, Scotiabank Europe plc Montrose, P.A., Amalgamated Metal Trading Ltd
Lockwood, M., LME Ltd Board of Directors Moody, Ross, Merrill Lynch International
Lockwood, Michael (Copper Committee) Moore, Kevin (Aluminium Committee)
Lonergan, Charlotte, Total Global Steel Ltd Morgan, Dylan, UBS Ltd
Lonergan, Martin, Total Global Steel Ltd Morgan, Sabine, Aurubis AG
Loth, Shon (Steel Committee, Warehousing Committee) Morley, Michael, Nyrstar Sales & Marketing AG
Louhija, Matti, Outokumpu Oyj Morpeth, Shelley (Marketing)
Lowe, Steve, Scotiabank Europe plc Morris, Roy (Information Technology)
Luksic, Jean-Paul, Antofagasta Minerals SA Morrison, Bryce, Richmond Commodities Ltd
Lynch, Mark J., Bank of London and The Middle East Morrison, Rory, Richmond Commodities Ltd
Lynn, Daniel, J.P. Morgan Securities Ltd Moss, Arvid, Hydro Aluminium AS
Lyons, Mark (Steel Committee) Moulds, Jonathan, Merrill Lynch International
Mount, Elliot, Mitsui Bussan Commodities Ltd
M Mueller, Reinhard, MFC Commodities GmbH
Mueller-Thurau, Sven, Aurubis AG (Copper Committee)
Murciano, Yann, Morgan Stanley & Co International plc
MacDonald, James (Systems Operations) Murphy, John, Mizuho Securities USA Inc
Macrae, Iain (Traded Options Committee, Trading Committee) Murray, Peter, Mitsui Bussan Commodities Ltd
Malhotra, A., Jefferies Bache, Ltd Muse, James (Compliance)
October 2011 | LME | 43
LME 2011
Who’s who
N Payne, Terri (Facilities)
Payton, S N (Individual Member)
Pearce, Neal (Information Technology)
Naane, Hiroto, Toyota Tsusho Metals Ltd Pearson, Adam, Richmond Commodities Ltd
Nader, David, Credit Suisse Pearson, Tony, Richmond Commodities Ltd
Nagioff, Roger, Marex Spectron Pearson, R A (Honorary Member)
Nair, Mahesh, Morgan Stanley & Co International plc Pearson-Wiggs, Martin, Richmond Commodities Ltd
Nakagawa, Hideki, Triland Metals Ltd Pedersen, Jess. E., Koch Metals Trading Ltd
Naqvi, Kamal, Credit Suisse Peele, D., Roba Metals BV
Nath, Shubha, Mitsui Bussan Commodities Ltd Penney, Adrain, Natixis Commodity Markets Ltd
Needham, Philip (Executive Committee, Finance) Pepperman, Hilary (Operations, Aluminium Committee, Cobalt
Needham, Rhiannon (Systems Operations) Committee, Copper Committee, Lead & Zinc Committee, Molybdenum
Neumann, Peter, J.P. Morgan Securities Ltd Committee, Nickel Committee, Steel Committee, Tin Committee)
Neville, Stuart, ED & F Man Commodity Advisers Ltd Percy, Humphrey, Bank of London and The Middle East
(Ring Dealers Committee) Petev, Ivan, J.P. Morgan Securities Ltd
Newman, Adam, ICAP Securities Ltd Petkov, Jan, Trimet Aluminium AG
Nisbet, Kelly (Finance) Pettigrew, Jim, Royal Bank of Canada Europe Ltd
Nordhagen, A., Jefferies Bache, Ltd Pettinga, Frans, Koch Metals Trading Ltd (Aluminium Committee,
Noren, Erik (Nickel Committee) Trading Committee, Warehousing Committee)
Norris, Annmarie (Finance) Pettitt, Steve, Newedge (Ring Dealers Committee)
North, Michael, ICAP Securities Ltd Phillips, Paul, Newedge
North, Randy, Royal Bank of Canada Europe Ltd Pizzuti, Alessandra, KME Germany AG & Co KG
Nowak, Michael, J.P. Morgan Securities Ltd Planquart, Michel, Citigroup Global Markets Ltd
Nowakowski, Maciej, Morgan Stanley & Co International plc Plettau, Markus, Trimet Aluminium AG
Nuijens, Steef (Tin Committee) Plewman, Paul, Macquarie Bank Limited
Nunez, Martin, LN Metals International Ltd Popkin, Cathleen, Hunter Douglas NV
Nunn, Mark, Marex Spectron Porter, Caroline (Market Data)
Poulter, N., Wogen Resources Ltd
O Pratt, Martin, Triland Metals Ltd (Trading Committee)
Prentice, Stephen (Information Technology)
Prentice, Gavin, Marex Spectron (LME Ltd Board of Directors, LME Holdings
O’Brien, Gary, ABN Amro Clearing Bank NV, London Branch Ltd Board of Directors, Aluminium Committee, Nickel Committee)
O’Doherty, Paul, Total Global Steel Ltd Price, Tom, UBS Ltd
O’Hegarty, Diarmuid (Deputy Chief Executive, Executive Price, Roxanne (Information Technology)
Committee, Compliance) Pridie, Lee (Ring Dealers Committee)
O’Sullivan, Michael, Toyota Tsusho Metals Ltd Prins, Michiel, Koch Metals Trading Ltd
Okazaki, Hiroshi, Triland Metals Ltd Purewal, Gurjit, Scotiabank Europe plc
Oldham, James (Compliance)
Oliver, Lawrence, DD&Co Ltd
Ollada, Jeff, Mizuho Securities USA Inc Q
Olmstead, Christopher, Société Générale
Ong, T.K., Morgan Stanley & Co International plc Quellmann, U., Rio Tinto London Ltd
Orchard, Abraham (Website) Quirk, Kathleen L., Freeport-McMoRan Copper & Gold Inc
Overlander, Michael, Sucden Financial Ltd, LME Ltd Board of Directors,
LME Holdings Ltd Board of Directors (Trading Committee)
Owens, Nigel (Information Technology) R
Oxley, Ian, Société Générale
Raehalme, Riku, Outokumpu Oyj
P Rai, Kuljinder (Information Technology)
Ramaraj, Karthik (Information Technology)
Ramesh, Sabbareesh (Information Technology)
Pacilio, John, Morgan Stanley & Co International plc Ramsden, Chris (Compliance)
Padwick, Danny (Molybdenum Committee) Ranahan, P., Jefferies Bache, Ltd
Page, Michelle (Systems Operations) Rankine, Gavin, J.P. Morgan Securities Ltd (Ring Dealers Committee)
Paget-Brown, Ed, Marex Spectron Rath, Pinaki, Gold Matrix Resources Pte Ltd
Palmer, S., Jefferies Bache, Ltd Ravi, Usha (Information Technology)
Papadopoulos, Ilias, Trimet Aluminium AG Rawlinson, David, ADM Investor Services International Ltd
Parisaei, Golnaz , Tradition Dubai Ltd Rebane, Glenys, Richmond Commodities Ltd
Parker, Michael (Aluminium Committee) Redfearn, Peter, A & M Group Ltd
Parvento, Kari, Outokumpu Oyj Reece, Steve, Standard Bank plc (Nickel Committee)
Patel, A., Jefferies Bache, Ltd Rees, Robert, ICAP Securities Ltd
Paterson, Andrew, Newedge Reid, Naushina, Tangent Trading Ltd
Paterson, Iain, LN Metals International Ltd Reid, Matthew, Marex Spectron
44 | LME | October 2011
LME 2011
Who’s who
Reijtenbagh, L., Hunter Douglas NV Short, John, Newedge
Remoundos, Thibaut, Morgan Stanley & Co International plc Silver, Andrew (Molybdenum Committee)
Rhodes, Kevin, LN Metals International Ltd Sims, Tony (Information Technology)
Richardson, Yana (Compliance) Singhania, A.K., Simportex Ltd
Roberts, John, Royal Bank of Canada Europe Ltd Singhania, G.D., Simportex Ltd
Roberts, Kevin, J.P. Morgan Securities Ltd Singhania, V.N., Simportex Ltd
Robles, Hector, Mizuho Securities USA Inc Sloan, Price, Merrill Lynch International
Rodkin, Nikolay, MFC Commodities GmbH Smillie, John (Nickel Committee)
Rolison, Chris (Information Technology) Smith, Brian (Warehousing Committee)
Rolley, Lee (Information Technology) Smith, D, Metdist Trading Ltd
Romano, Italo, KME Germany AG & Co KG Smith, Gary, Newedge
Romano, Milena, KME Germany AG & Co KG Smith, Graeme, Marex Spectron
Rosenthal, Richard, Morgan Stanley & Co International plc Smith, Stephen, Newedge
Rothwell, Neil, Crédit Agricole - Corporate and Investment Bank Soesan, G., Roba Metals BV
Rotjer, Tom, Hydro Aluminium AS Somerville-Cotton, Fabian (LME Ltd Board of Directors, LME Holdings Ltd
Rough, David, LME Holdings Ltd Board of Directors Board of Directors, Trading Committee, Warehousing Committee)
Rowan, G.C.L., Amalgamated Metal Trading Ltd Sonnenberg, R., Hunter Douglas NV
Rozasty, Shane (Information Technology) Southgate, Tony (Cobalt Committee)
Ruhomon, W.E., Wogen Resources Ltd Sparke, Steve, Marex Spectron
Russell, Graeme, Morgan Stanley & Co International plc Spencer, Michael, DD&Co Ltd
Ryu, Sheena, J.P. Morgan Securities Ltd Spencer-Nixon, David (Information Technology)
Spinks, Alan, Toyota Tsusho Metals Ltd
S Standish, Mark, Royal Bank of Canada Europe Ltd
Stanton, Gavin, Koch Metals Trading Ltd
Steffen, Mathias, Trimet Aluminium AG
Sabberton, R.J., Wogen Resources Ltd Steinbauer, Ferdinand, MFC Commodities GmbH
Sadler, Paul (Information Technology) Stewart, Michael, Merrill Lynch International
Saiman, P.M., Lonconex Ltd Stott, Deborah (Cobalt Committee, Molybdenum Committee)
Sait, Abdul (Information Technology) Stradling, J., Jefferies Bache, Ltd
Sampson, J., DD&Co Ltd Stuart, Joanna (Compliance, Traded Options Committee)
Samuel, Harry, Royal Bank of Canada Europe Ltd Stuart, Richard (Information Technology)
Sanchez, Gonzalo, Antofagasta Minerals SA Stump, Jackie (Facilities)
Sandhu, Amrik, Morgan Stanley & Co International plc Suarez, Javier (Lead & Zinc Committee)
Sangster, Gordon, Merrill Lynch International Supekar, Nikhil, Gold Matrix Resources Pte Ltd
Santos, Marta, Newedge Sussmes, Adam (Tin Committee)
Sapir, I., Roba Metals BV Suwarso, Melissa (Systems Operations)
Sayers, Steve, Triland Metals Ltd Swain, Rob, Standard Bank plc
Scarlett, Marcus, Marex Spectron Sylvester-John, Jamil, UBS Ltd
Schafer, Michele, KME Germany AG & Co KG
Schirmeister, Christian, J.P. Morgan Securities Ltd
(Copper Committee) T
Schjelderup, Thorleif (Warehousing Committee)
Schluter, Peter, Koch Metals Trading Ltd Taarland, Eric (Marketing)
Schmidt, Herwig, Triland Metals Ltd Tagg, Philip (Information Technology)
Schmidt, M., Wilhelm Grillo Handelsgesellschaft mbH Tan, Xiao, Koch Metals Trading Ltd
Schonfeld, Michael, LN Metals International Ltd Taylor, John, ED & F Man Commodity Advisers Ltd
Scott, Ian (Information Technology) Taylor, Julian, Tangent Trading Ltd
Seitovirta, Mika, Outokumpu Oyj Taylor, Mark, Newedge
Seldman, Ariel, Morgan Stanley & Co International plc Temple, Lauren (Market Data)
Sellars, Peter, J.P. Morgan Securities Ltd Terbeek, H.G., Wilhelm Grillo Handelsgesellschaft mbH
Sens, Hans-Dietrich, Wilhelm Grillo Handelsgesellschaft mbH Thethi, Jaranjit (Sharon) (Information Technology)
(Lead & Zinc Committee) Thomas, Darren, Macquarie Bank Limited
Seymour, Patrick, Marex Spectron (Ring Dealers Committee) Thomas, David, Royal Bank of Canada Europe Ltd
Seymour, Rob (Information Technology) Thomas, Nicholas (Information Technology)
Shaer, Mark, ADM Investor Services International Ltd Thompson, Angela (Information Technology)
Shaik, Mahammed (Information Technology) Thompson, Martin (Traded Options Committee)
Sharp, Michael (Information Technology) Thompson, M.C., Metdist Trading Ltd
Sheldon, Robert (Steel) Thompson, M.J., Metdist Trading Ltd
Sheppard, David, Standard Chartered Bank Thornton, Colin (Information Technology)
Sher, V.H. , Amalgamated Metal Trading Ltd Tompkins, Elizabeth (Operations)
Sherwin, J.T., Hunter Douglas NV Tonteri, Jarmo, Outokumpu Oyj
Shibuya, S (Individual Member) Tovar, Leticia (Education)
Shimizu, Mina, A & M Group Ltd Traill, Sir Alan, GBE (Honorary Member)
October 2011 | LME | 45
LME 2011
Who’s who
Tucker, H., Jefferies Bache, Ltd Williams, A.A., Wogen Resources Ltd
Tunnell, Jon, Sucden Financial Ltd Williams, Andrew (Systems Operations; Executive Committee)
Tuohy, Kevin, MF Global UK Limited Williams, Mark (Compliance)
Williams, Nick (Nickel Committee)
U Williams, Nigel, Bank of London and The Middle East
Williams, Richard, Bank of London and The Middle East
Wilson, Rob, Teck Metals Ltd
Ulusal, Abe, Mitsui Bussan Commodities Ltd Wilson, Tim, J.P. Morgan Securities Ltd (Steel Committee)
Ulusal, Ibrahim (Steel Committee) Winkler, Rosalinde, MFC Commodities GmbH
Undelli, Johhny, Hydro Aluminium AS Woehrer, Waltraud (Aluminium Committee)
Underhill, Simon, Newedge (Traded Options Committee) Wolff, J P A (Honorary Member)
Wong, Andrew, Koch Metals Trading Ltd
V Woodall, Martin, Natixis Commodity Markets Ltd (Ring Dealers Committee)
Woodthorpe, K.A., Amalgamated Metal Trading Ltd
Woolley, Steven, ICAP Securities Ltd
Vale, Andrew, Société Générale (Ring Dealers Committee, Woolridge, Jeremy (Lead & Zinc Committee)
Trading Committee) Worrall, Simon (Information Technology)
van Beers, Theodoor (Lead & Zinc Committee) Wright, Jason, Royal Bank of Canada Europe Ltd
van den Berg, J., Roba Metals BV Wright, Chris (Information Technology)
Van Den Born, Simon, Marex Spectron Wright, Michael (Nickel Committee)
van den Ham, F., Roba Metals BV
van der Kam, Rene (Tin Committee)
van Iwaarden, Rinie (Nickel Committee) X
Vasiljevic, N., Jefferies Bache, Ltd
Vasquez, Pamela, Antofagasta Minerals SA
Villanueva, Ana, Indumetal Recycling SA Xiao Wu, Yang (Aluminium Committee)
Virdee, Sukhdeep (Information Technology) Xing, Gavin, Deutsche Bank AG
Vydra, Martin (Cobalt Committee)
Y
W
Waite, Micki, Mitsui Bussan Commodities Ltd Yao, L., Amalgamated Metal Trading Ltd
Wakefield, Mike, ABN Amro Clearing Bank NV, London Branch Yasumaru, Tohru, Mizuho Securities USA Inc
Wakem, L.C., Amalgamated Metal Trading Ltd Yeoman, Wayde (Cobalt Committee)
Walker, Lee (Facilities) Yim, Julie, Bank of London and The Middle East
Wall, Jeremy, Société Générale
Wallace, Ana Marie, A & M Group Ltd
Wallace, R.C., Wogen Resources Ltd Z
Walter, Heinz, Trimet Aluminium AG
Walton, Roy, Darton Commodities Ltd
Wang, M., Jefferies Bache, Ltd Zeederberg, Butch (Steel Committee)
Warren, Michael (Chief Technology Officer, Executive Committee) Zhao, Yong (Lead & Zinc Committee)
Wasling, Philip, ADM Investor Services International Ltd Zientara, Monika, LN Metals International Ltd
Watson, Alistair, Scotiabank Europe plc Zwingenberger, Wolfgang (Aluminium Committee)
Watson, Kevin (Technology)
Weaver, D., Jefferies Bache, Ltd
Webb, Stephen (Facilities)
Weeks, Stephen (Information Technology)
Wegener, J, Wilhelm Grillo Handelsgesellschaft mbH
Weller, Patrick, Euromin SA
Wells, M (Individual Member)
Westbrook, Mark (Information Technology)
Westley, Victoria, Natixis Commodity Markets Ltd
Westphal, S., Amalgamated Metal Trading Ltd
White, Janice (Systems Operations)
Whitehead, Martyn, Barclays Capital
Whyte, Matthew, Rio Tinto London Ltd
Wibbelman, Chris (Warehousing Committee)
Wilde, B., Metdist Trading Ltd
Wildie, Keith, ICAP Securities Ltd
Wilkinson, Alex, INTL FCStone (Europe) Ltd
Willbrandt, Peter, Aurubis AG ©Metal Bulletin 2011
46 | LME | October 2011
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