The Hong Kong exchange has dismissed investor concerns over the timing of its ￡1.4bn acquisition of the London Metal Exchange, indicating that the end of the commodity “supercycle” will have little impact on future returns from the deal.
Shareholders in the LME agreed to sell to Hong Kong Exchanges & Clearing in July, setting it on a course to attract more customers from China where demand for commodity hedging was predicted to grow rapidly because of the country’s appetite for metals and other commodities.
China accounts for 40 per cent of worldwide demand for metals and HKEx believes it has a chance to use its connections there to boost Chinese participation on the LME beyond its current 25 per cent level.
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