UNITED KINGDOM July 27 2017 4:33 PM
LONDON (Scrap Register): Following the launch of prosperous launch of LME precious, the London Metal Exchange is looking forward to bring out intraday reference prices for its gold and silver contracts, LME quoted to the Platts.
"Following a number of requests from key precious metals market participants, the LME intends to publish intraday reference prices based on the volume weighted average price of each contract over a given one minute period that complement the existing prices created through the daily price auctions," as per the LME.
The LME has entered into written agreements with the above entities such that "at any given time at least three of those entities will provide market making services, or price movement.
The volume of the LME precious during the first week of the trading has increased with the Gold making a total turnover of about 25590 lots which is equal to 2.6 million oz. In the case of LME Silver it was 2556 lots which is equivalent to 12.8 million oz.