1/11/2022- 11:35 p.m.
London Metal Exchange Back Online After Five-Hour Outage
The London Metal Exchange (LME) was supposed to open at 1 a.m. local time but trading only resumed at 6:15 a.m via a backup data center, after a power failure had shut it down.
Traders were reportedly still able to operate on their phones, Bloomberg’s sources say. However, the exchange itself is vital to the market for delivering live price quotes for bellwether commodities like copper and aluminum.
The outage is one of several the LME suffered in the past 5 years, and might put the exchange’s entire existence in question, as recent trade volumes have dropped dramatically from pre-pandemic levels.
