The London Metal Exchange has received two new membership applications, including one from the first potential Chinese member, as the exchange prepares for a sale.
BOCI, the international arm of the Bank of China, and London based GH Financials have applied to become broking and clearing members of the 135-year-old exchange, which trades futures contracts used as global industry benchmarks for metals from copper to nickel.
The Chinese bank’s move comes as China has become the largest buyer of many raw materials and industrial metals traded on the LME.
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