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 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
Published by the Metals, Minerals and Mining Editorial Fax: +1 (212) 213 6617. Sales Fax:+1 (212) 213 6273. São Paulo: Rua Tabapua 422, 4th Floor CJ 43/44, Directors: Padraic Fallon (Chairman and Editor-In-
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October 2011 | LME | 3

LME 2011
Overview
A crowded space
While the LME continues on a mission to spread its
style of price risk management globally, defence of
its existing market space and role has become part
of core strategy alongside expansion. LME chief
executive Martin Abbott gives Richard Barrett a
wide-ranging summary of the exchange’s
priorities and views for the year ahead
In a prolonged period of financial instability
and uncertainty, expectations run high that
the volume of business done through an
organisation with price risk management at its
heart will grow. Volumes on the LME this year
have done exactly that. A record number of
108,708 transactions was seen on 23 September
2011. The LME has averaged 565,639 lots per day
this year, up 19% from the 2010 average daily
volume.
While the bulk of that business remains in
the exchange’s long-running base metal
contracts, trading in the exchange’s newer
contracts, including steel, cobalt and
molybdenum, have helped to boost the total.
Increasing trade volumes is just one role that
new products play, however. As LME chief
executive Martin Abbott explains, they can
also serve a defensive function by putting
down a marker in markets where the LME
hopes to deter competitors. He says that the
LME minis, which were the talk of last year’s
LME Week and launched with the Singapore
Exchange in February this year, are an
example.
“I’m happy with the first few months of the
launch because we had a specific objective,
which was to make sure that if anybody took
an LME mini look-alike product into Asia in an
effort to tap what many people suspect might
be a large retail market, then it should be us. It
was a defensive-aggressive move if you like.”
Trading volumes in the new mini contracts
have been low, which Abbott says is because
there are insufficient market makers at present
– a factor being addressed. The earlier
London-based LME mini contracts were also
launched as a defensive move in a response to
the decision by Nymex nearly five years ago to
put mini metal contracts on to the Globex
system.
LME
Today the playing field is in Asia. “Everyone
seems to want to get into the base metals
space, and who can blame them – it is a great
space. We certainly wanted to make sure that
our footprint there was the biggest. That
objective is achieved. The second objective is
that if there is the appetite that many people
expect we have to make sure that we can fill it.
So we’re building up the market-maker
scheme for minis and continuing with the
marketing and push.”
Still on to steel
Trading volumes in the LME’s steel billet
contracts have been far more buoyant. “The
steel contract is doing ok. The volumes are
sustaining, but they’re off their peaks and I
think part of the reason for that is that we just
can’t crack the Turkish delivery issue.” The LME
remains hopeful that the Turkish government
will change its VAT rules: “Were that to
“We have to be as good at identifying the
things that we don’t want to do as the
things that we do,” says Martin Abbott
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
taking us in the right direction, but they’re
necessarily slower than if we had the big
grand-slam move of deliverability of Turkish
material into Turkish warehouses.”
The LME has more steel products in its sights,
including flat products, but Abbott is clear they
would have to be different from the
exchange’s usual model of physical
deliverability. “I think it would be dreaming to
say that one could do flat products on a
deliverable basis: that’s just not going to
happen. Therefore one has to look for indices.
The same would be true of iron ore. The issue
therefore is to identify and prove the right
indices.”
He says that is not something the LME would
rush into: “When the time is right and when
we think there is a critical mass in the OTC
markets then we would be able to move quite
quickly. But for the moment we’ve got plenty
of work to do in terms of the development of
our billet contract. I also have to remind
people that billet is not a subsidiary product.
Long products are half of the total global steel
market. So we don’t have a toe in the water,
we’re actually up to our waist.”
Minor metals matter
Cobalt contract volumes saw a record month in
August and the exchange is hoping that it will
see a little more adoption of the LME price for
cobalt into industry pricing in the next few
months. “It will be sporadic, but I think we’ll
see that. When people are writing their 2012
contracts they need to decide on a pricing
basis. I’d be surprised if anyone were to write
solely basis LME, but you may start to see the
LME price being put in in some form or
another.... It is missionary work: one soul at a
time, but we’ll get there on it.”
The molybdenum contract lags behind
cobalt in terms of acceptance, but Abbott
points out that movement of material in and
out of warehouse has proved the LME claim,
much-debated pre-launch, that concentrate
can be traded on a deliverable basis. He adds
that limited volatility in the moly price has
subdued trade in the contract.
In an echo of the launch of Asian minis, he
points to a defensive purpose for the minor
metal contracts: “Even when cobalt and moly
become total success stories, they are not
going to change the economics of the LME
dramatically. But they have made it absolutely
clear that we will secure all our borders and we
won’t let anyone in chipping away at the
edges of our space, which is metals – not just
u
base metals.”
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,

u
you’re seeing large amounts of oil being Trading volumes on the LME have reached record levels during 2011

CLEARING A FUTURE PATH

When the LME announced a few months ago
that it is looking at building its own clearing
house, first light was shed on a path that could
lead to profound change at the exchange.
In explaining the thinking, Abbott sets out the
current situation: “Our clearing sits at LCH, which
is a fine clearing house, but it is not difficult to
work out that we may not be the most important
focus of attention at the LCH. Cash equities,
interest rate swaps, repo clearance: we’re
competing for attention there.”
He admits that the exchange is probably
demanding a disproportionate amount of
attention, but reserves the right to do so: “Like all
institutions, we tend to think everything is about
us!”
He says that the LME has to look at other
options: “The clear alternative to us is to follow a
well trodden path and verticalise our clearing:
bring it in here.”
Abbott says that the very recent appointment
of Trevor Spanner as managing director of
post-trade services, who he describes as a
“seasoned veteran of the clearing space”, is a
good step forward in the LME’s project, but he
cautions: “It doesn’t signal that we’ve decided
finally to do something, but it does signal that
we can make that decision.”
“Even if we don’t build our own clearing, we’re
going to approach our relationship with clearing
differently in the future. We intend to be more
pro-active. We intend to take more control over
the process and the value that’s generated. Our
clearing generates a great deal of value, and over
the last five years we’ve been bringing value into
the exchange.”
Abbott points out that bringing the matching
and registration service (MRS) in house has been
a commercial success: “More than 20% of our
trading-related revenue is derived from that
system.” The LME brought the Sword system in
house as well, because it wanted control over the
means of physical settlement of its contracts. “So
we’ve been consolidating the critical systems
under our own control. The big value piece that
still sits outside those walls is the clearing.”
Abbott says that at root there is a clear choice
for clearing: “Build it and just take it, or leave it in
an independent neutral clearing venue but
negotiate a deal whereby one participates more
in the value creation.”
The debate to ensue about clearing will now
take place in an even broader context. In a
statement dated 19 September, the LME
confirmed that it had appointed Moelis &
Company as financial advisor and stated: “There
is a large amount of noise, and some activity, in
the clearing and exchange sector, and the LME
must weigh the impact of events on its own
business.”
When Metal Bulletin Focus met Abbott for this
interview with him on 21 September, he referred
to independent talks about a merger between
NYSE and Deutsche Bourse as part of that noise,
together with what were then two separate bids
for the LCH: one from Markit and another from
the London Stock Exchange. “All of that noise is
not helpful to us in terms of us focusing on our
business.”
The LME raised the volume of the hubbub on 23
September in another statement announcing
that it had received several expressions of
interest with regard to potential strategic
transactions: “The Board, which is being advised
by Moelis & Company, will begin a formal process
which may or may not lead to an acceptable offer
for the company being received.” Abbott has
since told Metal Bulletin that the LME has
received more than ten expressions of interest
from potential buyers and has put a process in
place to handle them, with a view to preparing
detailed proposals for the board in March next
year. If the board approves one or more bid, it
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
mainly, but not only, aluminium.”
Abbott says that no fault is implicit in the fact
that aluminium is being financed: “It is a
market factor.” Just one of the consequences
of aluminium being financed is that there are
millions of tonnes of aluminium in LME
warehouse, only some of which is locked up in
finance deals in such warehouses, which tend
to be sitting in one or two key locations.
“Therefore everybody who wants aluminium,
whether to consume or to finance, is going to
those locations to get that metal.” Queues are
an inevitable consequence: “What’s
happening in fact is that, thanks to the
transparency of the system, the fact of the
impact of financing on the metals industry is
plain to see, in that there are queues to get
material out of certain warehouses.”
Abbott says that those queues are not full of
consumers, despite the efforts of some to
claim that delays are perverting the industry
supply-demand picture. “The fact is that
finance houses are block booking hundreds of
REGULATORY DANGER
How does Abbott view the potential effects
of political influence over proposed changes
to financial regulations that could affect the
exchange?
“As I said at a G20 meeting I spoke at, our
preferred route would be if they just weren’t
thinking about it. Because no-one has yet
presented me with even a shred of evidence
that the commodity markets played any role
in the global financial crisis.”
He is concerned that there is a big political
push to change regulations: “And that
political push signals a real danger, which is
that politicians are trying to regulate
outcomes rather than processes. They want
lower prices but have not thought through
what that might mean.” He points out that
half of the G20 countries actually produce
the commodities at issue, so politicians
who call for lower prices are not welcomed
by all.
Abbott says that if senior European
politicians decide that lower prices are a
good thing, but then set out to achieve that
through regulation, that actually is market
manipulation. He is resigned to such
political interference in market forces
simply being another market factor to take
into account. “Politicians will interfere in
things about which they know nothing and
they will make bad decisions. Our job is to
try to mitigate those decisions.”
He thinks that a message is getting across
that speculation is not the reason for high
price levels in markets: “If you talk to
people about the steel, the moly and the
8 | LME | October 2011
thousands of tonnes at a time. It takes time to
move it. If you go to the bank on a Saturday
morning, you’ll wait longer to get your money
out than if you go on a Thursday afternoon.”
Reminded of the fact that LME warehouse
issues seem to rise to the top of the LME
agenda every couple of years on a cyclical
basis, he points out that they are the location
where the physical industry, the financing
industry, the trading industry and the
merchants all come together: “It is always
going to be a tension point. The key for us is
that no rules have been broken. The system as
a whole – not just the warehouses, but the
price discovery, everything – is working. It is
not our job to fix the market, with a capital F. It
is our job to reflect the market. This is a factor
in the market.”
The LME has doubled the load-out rate for
certain circumstances, but Abbott says the
exchange thinks there are physical and fiscal
constraints on going much higher than that.
Forcing someone to shift twice as much of
something increases costs, which will have to
cobalt, industry players will say we’d love to
use it but we need more liquidity. Well
where will that liquidity come from? That’s
what speculators do: they provide liquidity
that allows the industry to get in and out of
their risk.” He stresses that there is a
“perfect partnership” between the hedger
and the speculator.
“We also then need to look at some of the
granular regulations. There has been lots of
talk about position limits. Nobody with any
knowledge of markets believes that
position limits have any impact on
controlling markets, but unfortunately
nobody with any real knowledge of markets
is making the rules at the moment, so that’s
the problem we’ve got.
“However, the people with the
knowledge are advising and are drafting
and are involved in detailed
implementation. There is an understanding
that bad regulation will force bad
outcomes. So, I think we’re going to have a
pragmatic outcome to the whole regulatory
debate.”
He says that the LME’s lending guidance is
designed to, and does, prevent settlement
squeezes. “That’s the best thing that
position limits can hope to do. So we’ve
already got it. When you look at the
proposals coming out in Europe, they talk
about position limits or ‘other mechanisms’
– that’s us!” For a physically delivered
market, the lending guidance is as good as
it is ever going to be, says Abbott: “It is
good.”
be borne by the whole industry one way or
another, he asserts: “We think that there is a
line beyond which it is not sensible to go. It is
up to the market to work itself out. We will
keep it under review.”
Asia accelerates
The drive to promote the LME in Asia continues.
“We have found an enormous demand for
information about the LME in Asia… So there is
a lot of work to do with our members’
subsidiaries there. There is a lot of work with
everybody from listed brands, or potential
listed brands, to warehouse companies, and a
huge amount of education work.” While a lot
of organisations may have several staff who
are already familiar with the LME, the
exchange is sometimes asked how best to
spread knowledge to other team members:
“The position of Asia as the key driver of
activity in commodities is not changing. If
anything, it is actually accelerating.”
Abbott declines to discuss specific
applications for new LME membership, but
confirms there are applications in the works
“that will make it clear that there is acceptance
in Asia that the world benchmark price is
here.”
He says that the Asian benchmark price
introduced by the exchange has worked well.
“Nothing settles against it and we don’t clear
against it, so it’s not like our other key points
in the day… This one has no market function
specifically related to it.” But he explains that
the minimum turnover – preset before the
benchmark was launched – in each of the
contracts needed to determine the price is
nearly always exceeded now. Some people use
it as an internal reference when they are
making internal valuations of their books. “If
in time we see that liquidity starts to coalesce
around it, then maybe it can get some kind of
elevated role, but I think we’re some time
away from that.”
In another move, the LME’s average price
swaps will be put into clearing and on to
Select. Wrapping up foreseeable LME priorities
for the coming year, Abbott lists: resolving the
LME’s internal debate on how to address
clearing; further work to bed down new
products and services, whether it is precious
metals clearing – on which work continues for
gold with plans for extension into silver, and
potentially platinum and palladium in the
future – minor metals or steel, plus average
price swaps soon; and further product
development work.
“We have to be as good at identifying the
things we don’t want to do as the things that
we do want to do. Ruling stuff out for the right
reasons is just as valid as ruling stuff in,” says
Abbott on product development. “There is a
lot of work going on for our ‘blue skies
thinking’,” he concludes.
 GLOBAL INSPECTION &
PRECISION ANALYSIS FOR
METALS, MINERALS & ORES.
Contact us:

Imen Trari Christopher Reilly

Commercial Manager General Manager Europe
Tel: +44 (0) 151 548 7777 Tel: +44 (0)151 548 7777
Mob: +44 (0) 7827 242 987 Mob: +44 (0)7713 634 394
imen.trari#stewartgroupglobal.com christopher.reilly#stewartgroupglobal.com

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10 | LME | October 2011

LME 2011
North America
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 the sector,
reports Myra Pinkham
Market volatility is expected to drive an expanded range of metals-based derivatives
Increased volatility in the steel and metals
markets has prompted many North
American and international companies to
turn to the range of metals derivatives,
including futures, swaps and options
contracts, offered by the Chicago-based CME
Group.
“We are definitely seeing increased
volumes for our metals derivative
contracts,” says Harriet Hunnable,
managing director of the exchange’s metals
group. “While a lot of this is attributable to
what is going on in the US and global
economies on a macro level, it is also
because of what CME is doing to offer
increased transparency and risk
management.” She notes that while the
exchange’s gold and silver contracts – both
CME GROUP
of which have international benchmarks –
continue to play a special role in the
derivatives market, there is also a lot of
interest in the iron ore, coking coal and
steel markets to manage risks using these
instruments: “We are seeing many more
clients becoming aware of the contracts we
offer.”
Hunnable adds that in the past year or so
the exchange has announced a number of
product innovations aimed at the North
American market and international clients.
“We plan to keep on launching new
contracts. We continue to invest resources to
develop new ferrous contracts, not just
aimed at our US clients but those in Europe,
Asia and elsewhere in the world as well.
Meanwhile, we also continue to see great
opportunities for innovations in the
non-ferrous metals too.”
Jonathan Putman, chairman and chief
executive officer of the Birmingham Futures
Exchange, Birmingham, Alabama, USA,
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.
Record volumes
CME announced that exchange-wide
trading volumes hit an all-time record of 17.1
million contracts a day in August, up 46%
from a year earlier, with month-end open
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.”
“The start of clearing at CME Clearing
Europe is timely in light of the need for
enhanced risk management in commodity
markets and the imminent legislative
change mandating clearing of OTC
derivatives,” Andrew Lamb, the subsidiary’s
ceo, said in statement, in which he noted a
dozen initial clearing members of the new
clearing house. In addition, Citibank will
join Barclays Bank Plc and JP Morgan as
settlement banks for CME Clearing Europe
and its clearing members.
Hunnable says that the OTC London gold
forwards contract, a 100 fine troy ounce
contract that is already clearing in the USA
– listed on Comex for clearing by the CME
through CME ClearPort – will start to be
listed on the European clearing house in
October. It will join several other
commodities contracts, including eight OTC
contracts based on the Dubai Mercantile
u
Exchange’s Oman crude oil futures
October 2011 | LME | 11
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Established since 1988
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Tel: 020 7491 2511
Fax: 020 7409 1281
email: trade@londonmetals.org
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12 | LME | October 2011

LME 2011
North America
contract and an OTC derivatives contract
based on rapeseed oil prices.
CME has also increased the capacity of its
electronics platforms to provide price
hedging mechanisms across all metals
categories offered by the exchange,
Hunnable says. “Response to this has been
very good, as is measured in interest,” she
says. “There has been an increase in the
number of contracts that we quote.”
While its new ferrous contracts get the
most press, the CME has also recently added
several new gold derivative products. As of
July 16, CME has offered daily short term
options contracts available Monday through
Friday for gold, as well as for crude oil and
natural gas.
“Recent global macroeconomic events and
volatility underscore the need for tools to
enable market participants to manage their
basis risk every day,” Hunnable declares,
adding that the new short-term gold
options contracts “will provide customers
with much greater flexibility to manage the
risk associated with government economic
data, world events and other market-
moving factors, while enabling them to
benefit from the lower cost associated with
short-dated options.”
These short-term options contracts have
daily expiration dates listed up to five days
in advance. They are cash settled European
style and are listed for electronic trading on
CME Globex and clearing through CME
ClearPort.
Hunnable says that the CME’s E-Micro Gold
futures contract, which it launched
exclusively on CME Globex in October 2010,
became fully fungible in mid-September.
This is a 10 ounce gold contract – one tenth
the size of its 100 ounce full-size gold
futures contract. While it carries a smaller
initial margin requirement and has lower
trading fees than the standard gold contract,
it offers the same investor safeguards of
trading in CME’s regulated environment.
Open interest for this contract has been
steadily growing, reaching 4,594 contracts as
of September 19, which the CME views as very
good for such a new contract. Volumes are
also progressing, reaching as high as 7,889 a
day.
On the ferrous side, Hunnable says that the
exchange’s US Midwest hot-rolled steel coil
futures contract – a cash-cleared product in
20 ton units that is both listed and cleared
on the CME – has been growing successfully.
Open interest was 9,442 on September 19
and was as high as 13,000 at the beginning
of August.
“It has been an uphill struggle, but the
contract seems to be becoming more
successful as companies begin to get their
toes in the water,” Putman says. It is not
surprising that this contract had a bit of a
slow start, says Brad Clark, a derivatives CME AVERAGE DAILY VOLUMES*
broker for the St. Louis branch of Freight Product August July June May
Investor Services (FIS), as many traditional Interest rates 7,095 6,572 6,449 6,299
participants in the flat-rolled steel market Equity index 3,745 3,051 2,842 2,852
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
Agriculture 1,074 1,054 1,159 1,117
More, however, are doing so now, given the Metals 411 388 403 416
recent increased volatility in both flat-rolled Total 14,974 13,695 13,528 13,380
steel and steelmaking input prices.
“While steel has been late to come into the Venue August July June May
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
use financial mechanisms to lock in prices
Privately negotiated 275 236 242 222
for the future,” he says. CME ClearPort (OTC) 426 409 438 460
“I think that the steel contract will follow
*’000 contracts, rolling 3-month averages for month ending.
the aluminium model,” Putman says. “It Source: CME Group
took about a decade for the Comex
aluminium contract to grow. I don’t think
the HRC contract will take quite as long, 100-tonne swaps contract based on Platts,
however. It should continue to grow launched April 18; a mixed No. 1 and No. 2
exponentially.” heavy melting steel scrap (80/20) cfr Turkey
There continues to be some resistance, 50-tonne swaps contract based on Platts,
especially from the large steel mills, launched April 18; two Australian 1,000-
observes Christopher Plummer, managing tonne coking coal swaps contracts based on
director for Metal Strategies, West Chester, Platts, launched July 25; an Australian 1,000-
Pennsylvania: “They are concerned about a tonne coking coal low-volume swaps
loss of upward pricing power and that contract based on Platts, launched August
speculators could drive prices in a negative 29; and an Australian 1,000-tonne coking
direction.” However, the volatility in the coal low-volume swaps contract based on
steel industry, which has worsened with Argus, also launched August 29.
iron ore and coking coal moving to quarterly Hunnable observes that steelmakers use
pricing, is not acceptable to a lot of end different grades of iron ore and/or coking
users, including such large OEMs as coal from region to region. “With our Virtual
automakers and appliance producers, as Steel Mill, traders are able to buy the
well as building contractors, pipe producers material where they want and manage their
and other users of hot-rolled steel. price. It gives them the ability to hedge risk
in a way that is right for their specific region
Virtual steel mill and they can manage that risk using a
Hunnable says that the launch of CME financially settled, not physically settled,
Group’s ‘Virtual Steel Mill’ enables users to contract, giving them the ability to source
trade and clear contracts to reflect specific the metal however they like.”
input costs. She says that it enables them to She says that the CME will be offering
pick specific components to hedge for risk further ferrous and non-ferrous products in
management in light of the complexity future, but she will not comment as to what
intrinsic in the steel market. types of contracts are being considered.
This is in addition to the clearing of the Clark says that there have been early
iron ore swaps contract based on The Steel discussions between index providers and
Index’s prices launched in July 2010 and clearing houses for a US domestic scrap
another iron ore swaps contract based on contract. He says it is possible that either a
Platts pricing launched in October 2010, shredded or HMS contract could be launched
which Clark says, while starting slowly, as early as the end of this year or early next
“have become ingrained in the way we are year. Putman says that he has been pressing
doing business in the iron ore trade.” the CME to add a steel plate and/or a rebar
The CME Virtual Steel Mill includes a long contract.
list of steelmaking raw material and steel In any case, given the volatility in the
contracts: an iron ore fines (62% iron) cfr marketplace, it is very likely that more North
China 500-dry-tonne swaps contract, based American, and international, metals
on The Steel Index, launched March 14; an derivative contracts will appear. “Steel
iron ore fines (62% iron) cfr North China futures don’t make volatility go away, but
1,000-dry-tonne swaps contract based on they make exposure to that volatility
Platts, also launched March 14; a European optional,” Putman concludes.
HRC ex-works Ruhr, Germany, 50-tonne
swaps contract based on Platts, launched The author is a specialist writer based in
April 18; a steel billet fob Black Sea New York.
October 2011 | LME | 13
,4(3!,_JLSSLUJLPU(S\TPU\T
^^^LTHSHL
LME 2011
Asia
Plenty to play
for in Asia
While the centre of gravity of the physical steel and
metal worlds has long since shifted towards Asia,
exchange-based steel and metal trading still has
strong roots in its traditional locations in the West.
How will future metal trading evolve in Asia?
One feature of the metals market turmoil which
erupted in August this year was a realisation
that trading in Asia was setting the agenda
more than in the past. Major price movements
were taking place on Select while many LME
traders based in London were still asleep, and a
large amount of business was being transacted
before they started work. The fact that big
percentage moves across all metals were taking
place outside of customary working hours in
London was seen by some as reflecting an
inevitable structural shift.
The downgrading of US credit, deficit
wrangling, and European debt crises have
brought into sharp focus the fact that the
centre of gravity of the world economy has
shifted radically towards Asia. This trend has
been obvious in base metals for the best part of
a decade, with China becoming by far the
biggest single consumer, producer and crucial
market factor across the whole metals and raw
materials complex.
All this has yet to be fully reflected in the
world of exchange trading and futures markets.
The fact that traders in the London metals
community were enduring sleepless nights
because of Asian trading is surprising more for
the fact that it is only happening now, rather
than the fact it is happening at all.
The LME looked to address this shift when it
opened its office in Singapore last year. The two
main public developments announced by LME
Asia over the last year were the launch of an
Asian benchmark price in January of this year,
and then, in February, the launch of the
mini-futures metals contracts jointly with the
Singapore Exchange.
The idea of the first was an acknowledgement
of the growth in trading volumes in Asia, and an
initiative to provide a reference price for Asian
hours. The second, the mini-futures, were
intended to generate greater interest in LME
metals by providing a small-lot, more accessible
platform, particularly for retail investors.
Interest in the minis contracts (copper,
aluminium and zinc) initially looked healthy
and there was a flurry of trading. But trading
volumes have declined since and the contracts
have yet to take off (see first supplement
article).
Another significant focus for the LME in Asia is
to bring more warehouses under its wing. The
LME would like to have approved warehouses
on mainland China, but that ambition has
been frustrated because China’s authorities
have placed a blanket ban on warehouses
being used as approved delivery points for
overseas exchanges.
The next warehousing move should
consequently be to secure a new location as
close to mainland China as possible, but this
has also taken longer than expected. In Asia,
the LME licenses warehouses in Singapore,
Malaysia, Japan and South Korea. According to
public statements it has settled on Taiwan as its
next location, because of the relative proximity
to the Chinese mainland.
In mid-2010, LME officials said they hoped to
open a new warehouse in Asia by the end of
that year, but the plan for an LME-licensed
location in Taiwan is not straightforward. “I
think that it may be Q1 2012, but I’m not sure if
Q1 is an achievable date; it depends on various
things [such as] people looking at tax
regulations,” William Chin, senior manager of
LME Asia, told Metal Bulletin recently.
Shanghai Futures Exchange
The Shanghai Futures Exchange (SHFE) could
become a major rival to the LME in Asia, but
China’s biggest commodities exchange is still at
a relatively early period of development itself.
While prices on the SHFE are an important
component of the copper and base metals
markets, the non-convertibility of the yuan
and restrictions on foreign participation in
China’s markets mean the SHFE’s real pricing
influence is limited for now.
“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
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
– has tried to put a lid on commodity
speculation. In November 2010, the exchange,
which operates under the management of the
state, introduced a range of measures to curb
excessive speculation, including higher
margins and trading fees.
The result was a big slump in trading volumes
this year as small-scale trading companies cut
speculative activity or pulled out of trading
altogether. The successful rebar contract, for
example, saw 67% less trading in the first half
of this year.
This eventually prompted the exchange to
ease trading rules and reverse the decline in
trading: in July this year, it slashed the
transaction fees on its copper and rebar
contracts, and cut trading margins on its
relatively new lead contract. Aside from
measures to tighten trading conditions, one of
the key policy initiatives at the Shanghai
exchange in the past year was the start of a trial
under which material in bonded warehouses
could be used for settlement against SHFE
contacts.
Iron ore shifts
Another major development in exchange
trading has been further development of
exchange-traded iron ore contracts in
Singapore.
The radical shift in the iron ore market away
from annually negotiated prices to index-
linked pricing has opened up a huge new area
of opportunity for the risk management
community, who want to persuade
steelmakers that they need help managing the
new volatility in their key raw material.
The Singapore Mercantile Exchange, a
newly-launched commodities exchange in
Singapore, started trading iron ore futures in
August this year, using the Metal Bulletin Iron
Ore Index as its reference price. This added to
another iron ore swaps contract already
operating in Singapore.
However, the financialisation of the iron ore
sector is at a very early stage, and the eagerness
of banks and brokers to provide their hedging
expertise has so far been met by some clear
obstacles: the difficulty for Chinese firms (the
major consumers of iron ore) to use contracts on
overseas exchanges, and the need to overcome
a general suspicion or lack of knowledge about
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-
year to CHF 2.3 billion ($2.57 billion) in the first
half of 2011. The minerals services division
showed particularly strong growth, increasing
24.6% year-on-year to CHF 323 million.
This correlates with forecasts for a new peak
in mining exploration budgets this year. The
Metals Economics Group (MEG), Canada,
forecast last month that non-ferrous
exploration budgets for this year (relating to
precious and base metals, uranium, diamonds
and some industrial minerals) will exceed US$17
billion. This represents a 50% increase from
2010 and would be an all-time high.
With gold reaching record prices this year, it is
not surprising to find that it is the top
exploration target. MEG expects gold to
contribute about one half of the total global
non-ferrous exploration budget, for the
second successive year. Copper is in second
place, and is forecast to account for about a
fifth of the exploration total.
Exploration, in particular, represents
significant work for assayers as it generates
Assayers have been investing in new laboratories around the globe
large numbers of samples, compared with the
fewer analyses needed when ores or
concentrates are traded, notes Graham
Stewart, commercial director of UK-based Alex
Stewart International.
Calow points out that there is now significant
greenfield exploration for gold, with miners
venturing into new areas. There is also a
considerable number of iron ore projects as
well, although these tend to be revivals in areas
first explored several decades ago, he notes.
West African potential
One particular region is leading the field for
iron ore exploration, says Calow – West Africa,
where he expects “significant long-term
growth” in countries such as Liberia, Mali and
Burkina Faso. SGS is planning to double its
facilities in Burkina Faso, and will be
expanding in Mali and Ghana as well, he adds.
The company has also set up “the only
commercial iron ore laboratory in West Africa”,
in Monrovia, Liberia, which will be officially
opened this month. Gold is another significant
growth sector in West Africa, and not only in
the well-established Ghana, Calow adds.
Other in-demand minerals for advanced
technologies are seeing increases in
exploration, notably lithium and rare earths,
but these are still quite small sectors compared
with the giant iron ore and gold businesses,
Calow observes.
While precious metals are showing strong
growth this year, the solid fuels business also
continues to develop strongly, says Gary Potter,
Non Ferrous Sales & Marketing Manager for
UK-based Inspectorate International. “We
have seen good growth in Indonesia and the
Latin American markets this year,” he says,
adding: “An outstanding achievement has
been winning the contract for sampling and
testing services at the Richards Bay Coal
Terminal in South Africa, against very strong
u
competition.”

October 2011 | LME | 19

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LME 2011
Assayers
For Mitra SK, based in India but with
locations mainly around Asia, the growth
drivers are those minerals associated with
these areas. “The commodities that will drive
our growth are coal, coke, chrome ore,
manganese ore, ferro-alloys, and,
increasingly, the base metals,” says Alan
Hope, business development director. “The
countries which will grow fastest are
Indonesia, South Africa, China, India and
Turkey,” he adds, noting that apart from
these major mineral exporters, Mitra is also
focusing on smaller strategic suppliers such
as Oman, Sudan, Zambia, Mozambique and
Thailand.
Mitra’s central laboratory in Kolkata is now
preparing to apply for LME LSA listing.
While assayers will consider setting up
facilities anywhere in the world where there
is a demand for their services, the ease with
which this can be done varies considerably
between countries. There may be equipment
sourcing problems, visa restrictions on
technical staff, import duties and various
bureaucratic delays, Hope comments.
“All these problems add to delay in project
implementation and sometimes create
hurdles for service delivery. In certain
countries, business is done on relationships
and the discretionary powers of decision
makers, while in other countries, decisions
are based on laid-down procedures which
are transparent and easier to comprehend,”
he observes.
Calow points out that investing in a
laboratory is a long-term endeavour, and
cannot be undertaken lightly just because of
some regional exploration projects – which
may only be short-term if unsuccessful. An
assayer has to be confident of the long-term
demand for services before such
commitments are made. In this regard, Calow
says that although it has been difficult to
ascertain the true direction of the mining
sector recently, the company is now
reasonably confident of its overall expansion
in many regions. “We are now pushing
ahead with major investments in our
network, in central Asia, for example,” he
notes.
But Calow acknowledges that there is
increasing pressure – from both clients and
governments – to build laboratories locally
and keep assaying activities within the same
country where the exploration or mining is
carried out. “We were already locally-
focused, but this has accelerated the trend,”
he remarks.
In its latest investment, Alex Stewart
International opened a new geochemical
laboratory in Perito Moreno, Santa Cruz,
Argentina, last month. Although this is in a
remote area in southern Argentina, it will
serve several mining companies operating in
LME APPROVED ASSAYERS
Laboratory Services International BV,
Rotterdam, The Netherlands
RC Inspection BV, Rotterdam, The Netherlands
SGS Nederland BV, Spijkenisse, The Netherlands
Inspectorate (Singapore) Pte Ltd, Singapore
Alex Stewart Assayers (S) Pte Ltd, Singapore
Stewart Inspection and Analysis Ltd, Prescot, UK
Alfred H Knight International Ltd, St Helens, UK
Inspectorate International Ltd, Witham, UK
Source: LME
the region, while complementing the
company’s main laboratory in Mendoza.
“There was a need for a fire-assay laboratory
in this area to speed up analysis,” Stewart
says.
Consolidation continues
Consolidation has been another notable
trend in the assaying business, with the
major players aggressively expanding,
although the smaller independents are
determined to stay that way. “We tend to
grow organically, not by acquisition.
Consolidation is a trend but we are
competitive and have maintained our place
in the market for 30 years,” says Stewart of
Alex Stewart International.
SGS, on the other hand, has acquired 12
companies so far this year, these being a
good indication of the breadth of its interests
and global reach: International Electrical
Certification Centre (Hong Kong), Tianjin
Tianbao Construction Material Testing (China),
LGC chemical characterisation business (UK),
NviroCrop (South Africa), Lippens Geotechniek
(Belgium), Auto Contrôle Evaluation Services
(France), Agri-Food Laboratories (Canada),
Sertec (Italy), Simmons & Bristow laboratory
division (Australia), Acumax (South Africa),
Environmental Testing Corporation (USA) and
Correl Rail (UK).
France-based Bureau Veritas, with over
50,000 employees and 330 laboratories in 140
countries, has completed six acquisitions this
year, across India, Malaysia, Singapore,
Brazil, China and France. A year ago, it
acquired Inspectorate International – how
has this incorporation affected the
operations of Inspectorate? “Inspectorate is
the core of Bureau Veritas’s new Commodities
and Trade division. The main impact has
been a significant expansion of our global
‘footprint’. The combined organisation is
now able to provide services to every corner
of the world,” says Potter.
For its part, Bureau Veritas intends to keep
growing, with targeted acquisitions one
aspect of its three-pronged strategy.
Unveiling its strategic plan to 2015 last
month, the company said that it aims to
achieve average annual revenue growth of
9-12%, with a global revenue of €5 billion
and 80,000 employees by the end of 2015.
“Consolidation will almost certainly
continue with the larger inspection
companies maintaining their geographic and
complementary market acquisition
strategies,” says Hope. But he sees this as an
opportunity for independent assayers: “As
companies increase in size they inevitably
run the risk of becoming less focused in
meeting the needs of their customers. This
creates opportunities for the medium sized
companies, such as Mitra, which provide a
more personal and differentiated service, to
carve out a niche for themselves and grow in
their chosen sectors.”
Competition intensifies
Whether or not companies become merged
into larger groups, assayers expect
competition in the sector to become more
intense in future. “Competition has always
been keen in the inspection business,”
Potter says. “Over the past few years,
Inspectorate has invested heavily in new
laboratories, acquisitions and the expertise
to develop key areas. We have also worked
hard to gain and keep ISO certification and
develop strong ethical and HSE policies to
give our customers the extra assurance that is
demanded by many of them as a condition of
business.”
“Inspection companies need to focus on
the basics, that is, the quality of their work –
sampling and analysis,” Hope explains. “This
comes down to staff training, processes and
procedures. In certain countries where there
is a dearth of good quality people, the
inspection company’s ability to retain talent
and provide growth is key, so those with
good HR practices will probably survive and
prosper,” he adds.
On the technological front, SGS is
continuing to develop robotics for laboratory
applications, says Calow, which will lead to
better quality data and more consistent
results, as well as better safety aspects and
lower costs: “We will implement this
technology across the world.”
Consistency, as well as accuracy, is a key
requirement for customers, Hope confirms,
noting that clients are particularly unhappy
if, for example, test results at a loading port
do not tally with those at the discharging
port, which can lead to claims and losses:
“Inspection companies which follow
standard systems of testing everywhere and
can provide consistent results will be the
ones who will be adding the most value to
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

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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
Associate broker clearing members 28
Other associate members 31
Company index
A & M Group Ltd 31
ABN AMRO Clearing Bank NV, London Branch 28
ADM Investor Services International Ltd 28
Alcan Trading Ltd 31
Amalgamated Metal Trading Ltd 26
Antofagasta Minerals SA 31
Ashton Commodities Ltd 31
Aurubis AG 31
Bank of London and The Middle East 31
Barclays Capital 26
BGC Brokers International 28
BHP Billiton Marketing AG 31
BNP Paribas Commodity Futures Ltd 28
Britannia Refined Metals Ltd 31
Chile Copper Ltd 31
Citigroup Global Markets Ltd 28
Commerzbank AG London branch 31
Crédit Agricole – Corporate and Investment Bank (CA–CIB) 28
Credit Suisse 28
Darton Commodities Ltd 31
DD&Co Ltd 31
Deutsche Bank AG 28
Eastern Alloys Inc 31
ED & F Man Commodity Advisers Ltd 26
Euromin SA 31
Freeport-MoMoRan Copper & Gold Inc 33
GFI Securities Ltd 33
Gold Matrix Resources Pte Ltd 33
Goldman Sachs International 28
Halcor SA 33
HSBC Bank plc 28
Hunter Douglas NV 33
Hydro Aluminium AS 33
ICAP Securities Ltd 28
Indumetal Recycling SA 33
INTL FCStone (Europe) 33
Investec Bank plc 28
Jaypee International Inc 33
J.P. Morgan Securities Ltd 26
Jefferies Bache, Ltd 28
Koch Metals Trading Ltd 28
KME Germany AG & Co KG 33
Boards, Committees and Staff 36
Who’s who of the LME 39
LN Metals International Ltd 33
Lonconex Ltd 33
Macquarie Bank Limited 29
Marex Spectron Ltd 26
Merrill Lynch International 29
Metdist Ltd 33
Metdist Trading Ltd 26
MF Global UK Limited 26
MFC Commodities GmbH 33
Mitsui Bussan Commodities Ltd 29
Mizuho Securities USA Inc 29
Morgan Stanley & Co International plc 29
Natixis Commodity Markets Ltd 26
Newedge 26
Nexans Deutschland GmbH 34
Nyrstar Sales & Marketing AG 34
Outokumpu Oyj 34
Phibro Ltd 29
Prysmian Cables & Systems Ltd 34
Richmond Commodities Ltd 34
Rio Tinto London Ltd 34
Roba Metals BV 34
Royal Bank of Canada Europe Ltd 29
Scotiabank Europe plc 29
Simportex Ltd 34
Société Générale 27
Standard Bank plc 29
Standard Chartered Bank 29
Sucden Financial Ltd 27
Tangent Trading Ltd 34
Teck Metals Ltd 34
Total Global Steel Ltd 34
Toyota Tsusho Metals Ltd 30
Tradition Dubai Ltd 34
Triland Metals Ltd 27
Trimet Aluminium AG 34
UBS Ltd 30
Vale Inco 35
Wilhelm Grillo Handelsgesellschaft mbH 35
W J Furse & Co Ltd 35
Wogen Resources Ltd 35
October 2011 | LME | 23
FROM A COMPLEX WORLD
TO CLEAR SOLUTIONS
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ABN AMRO is a global player, but it’s not the size of our footprint that matters. It’s the depth of our knowledge.
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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
55 Bishopsgate, London EC2N 3AH. TEL: +44 20 7626 4521. FAX:
+44 20 7623 3982. WEBSITE: www.amt.co.uk. EMAIL: amtinfo@amcgroup.
com. DIRECTORS: V.H. Sher (Chairman), J.W. Land (Managing Director),
N.J.A. Fellowes, H. Michie, P.A. Montrose, G.C.L. Rowan. TRADING
PERSONNEL: J.S. Atkins, J. Bungey, Y. Chen, J. Davis, M. Dulake,
N.J.A. Fellowes, A. Fitzgerald, M.J. Hussey, M. Griffin, S. Lawson,
M. Michalska, P.A. Montrose, S.Westphal, K.A.Woodthorpe, L. Yao,
STEEL PERSONNEL: P.A. Montrose, A. Fitzgerald, M.J. Hussey, S. Westphal.
COMPLIANCE: E.D. Corcos (Compliance Officer), L.C. Wakem. COMPANY
SECRETARY: E.D. Corcos. ESTABLISHED: 1975. OWNERSHIP: Amalgamated
Metal Corp plc. ASSOCIATES: All companies in AMC group. BRANCHES:
Representative office – Shanghai office, Room 1509-1510, Lujiazui
Plaza, 1600 Century Avenue, Pudong District, Shanghai 200122, China
(Tel: +86 21 5058 5661/5665. Fax: +86 21 5058 5655). CHIEF REPRESENTATIVE:
L.Lan. OTHER MEMBERSHIPS: Member of the London Bullion Market
Association (LBMA), trading gold and silver. Associate member of the
London Platinum & Palladium Market (LPPM).
Barclays Capital
5 North Colonnade, Canary Wharf, London E14 4BB. TEL: +44 20 7773 8600.
FAX: +44 20 7773 0403. WEBSITE: www.barclayscapital.com. DIRECTORS:
Roger Jones (Head of Commodities), Martyn Whitehead (Head of Metals
& Mining Sales). COMPLIANCE OFFICER: Phil Howard. ASSOCIATES: Offices
in New York, USA; Santiago, Chile; Sydney, Australia; Tokyo, Japan;
Singapore, Singapore. NON-LME METALS HANDLED: Iron ore, precious
metals and platinum group metals.
ED & F Man Commodity Advisers Ltd
Cottons Centre, Hays Lane, London SE1 2QE. TEL: +44 20 7089 8574.
WEBSITE: www.edfman.com. EMAIL: metalsdesk@edfmca.com. TRADING
PERSONNEL: Stuart Neville, Mark Constantinides, Paul Apps, Ashley Davies.
COMPLIANCE OFFICER: John Taylor. ESTABLISHED: 1783. OWNERSHIP: ED & F
Man Holdings Ltd. ADDITIONAL INFORMATION: The company is also an
active participant for the following: coffee, sugar and cocoa markets (LIFFE
and ICE Futures US).
J.P. Morgan Securities Ltd
20 Moorgate, London, EC2R 6DA. TEL: +44 20 7777 4336. FAX: +44 20 7777 5281
WEBSITE: www.jpmorgan.com/commodities (Research and online trading)
EMAIL: commodities_info@jpmorgan. com. TRADING PERSONNEL: Peter
Sellars (London), Neil Clift (London), Gavin Rankine (London), Sam
Hainsworth (London), Michael Nowak (New York), Tonny Ka (Singapore)
Daniel Lynn (Singapore), Ivan Petev (Singapore). MARKETING PERSONNEL:
Kevin Roberts (London), Christian Schirmeister (London), Peter Neumann
(New York), Tim Wilson (Singapore), Kazunori Kozu (Tokyo), Sheena Ryu
(Korea), Alan Clegg (Johannesburg), Amit Juneja (Dubai), Chris Janes
(Sydney). COMMODITY RESEARCH: Michael Jansen (London) STEEL: Jeff Kabel
(London). COMPLIANCE OFFICER: Nigel Baines (London). ASSOCIATES: JPMorgan
Chase Bank, N.A , J.P. Morgan Metals & Concentrates LLC, Henry Bath & Son
Ltd (Warehousing). NON-LME METALS HANDLED: Precious metals and PGMs,
vaulting and clearing, Iron Ore. ADDITIONAL INFORMATION: The bank offers
24-hour coverage of all metals’ markets through its four trading centres in
London, New York, Tokyo and Singapore, quoting of Exchange traded and
OTC derivative products. JPM also offers inventory and commodity trade
financing. OTHER CONTACT NUMBERS: +44 207 777 4336 (London), +1 212 834
4280 (New York), +65 6882 7789 (Singapore), +81 3 6736 3601 (Tokyo), +44 207
26 | LME | October 2011
325 5882 (commodity research). OTHER MEMBERSHIP: LBMA (Market Making
Member), LPPM (Full Member).
Marex Spectron Ltd
Level One, 155 Bishopsgate, London EC2M 3TQ. TEL: +44 20 7655 6000.
FAX: +44 20 7655 6024. WEBSITE: www.marexspectron.com. EMAIL:
MFLenquiries@marexspectron.com. DIRECTORS: Roger Nagioff (chief
executive officer), Steve Sparke (chief operating officer), Gavin Prentice
(global head of sales and managing director), Marcus Scarlett (chief
financial officer). TRADING PERSONNEL: Graeme Smith, Patrick Seymour,
Simon Van Den Born, Matthew Reid, Mark Nunn. COMPLIANCE OFFICER:
Ed Paget-Brown. COMPANY SECRETARY: Nigel Edwards. ESTABLISHED: 2006.
OWNERSHIP: Marex Spectron Group Ltd. NON-LME METALS HANDLED:
LBMA Member
Metdist Trading Ltd
80 Cannon Street, London EC4N 6EJ. TEL: +44 20 7280 0000. FAX:
+44 20 7606 6650. MANAGEMENT: Lord Bagri CBE (Chairman), The Hon A.
Bagri (Managing Director), M.C. Thompson. SALES: P. Burnett (Head of
Trading), Miss A. McCann, M. Culley. TRADING PERSONNEL: Miss B. Wilde,
D.Smith, J. Exley. COMPLIANCE OFFICER: M.J. Thompson. ESTABLISHED: 1981.
OWNERSHIP: Minmetco Ltd. ASSOCIATES: Metdist Ltd.
MF Global UK Limited
5 Churchill Place, Canary Wharf, London, E14 5HU. TEL: +44 203 321 5886
WEBSITE: www.mfglobalmetals. com. EMAIL: info@mfglobal.com.
DIRECTORS: Fred Demler (global head of commodities). TRADING
PERSONNEL: Malcolm Leonard (trading), Kevin Tuohy (European sales),
Jane Ding (Far East sales). COMMODITY RESEARCH: Ed Meir. COMPLIANCE
OFFICER: Sarah Docx. COMPANY SECRETARY: Vicki Kong (TEL: +1 212 589 6579).
PLASTICS PERSONNEL: Antonio Diaz (TEL: +1 212 589 6579). ESTABLISHED: 2007.
BRANCHES: London, New York, Sydney, Hong Kong.
Natixis Commodity Markets Ltd
Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. TEL:
+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.
com, martin.woodall@uk.natixis.com. DIRECTORS: Andy Gooch
(managing director), Claire Bridel (chief operating officer). TRADING
PERSONNEL: Jim Boland (head of base metals sales), Martin Woodall (head
of base metals floor sales). COMPLIANCE OFFICER: Victoria Westley. COMPANY
SECRETARY: Adrain Penney. ESTABLISHED: 1976 (as Sogemin Metals Ltd).
OWNERSHIP: 100% Natixis
Newedge
10 Bishops Square, London E1 6EG. TEL: +44 20 7550 2360. FAX:
+44 20 7550 2385. WEBSITE: www.newedgegroup.com; www.
metalsedge.com. EMAIL: lme_london@newedgegroup.com. TRADING
PERSONNEL: Steve Pettitt, Andrew Paterson, William Hart, Simon
Underhill, Adam Ketley, Mark Taylor, Gary Smith, Michael McQuillan,
Andrew Foxley, Danielle Laurie, Tom Adams, Stephen Smith, James
Browning, Phillip Holme, Paul Phillips, Marta Santos.ESTABLISHED: 2008.
OWNERSHIP: Société Générale (50%); Credit Agricole (50%). STEEL
PERSONNEL: John Short. NON-LME METALS HANDLED: All COMEX contracts,
DGCX, TOCOM. ADDITIONAL INFORMATION: Newedge’s Metals Group focuses
on the risk management of client exposures to base and precious metals,
steel and plastics. The company’s specialists in London, New York,
 LME 2011
Ring dealing members

Frankfurt, Toronto, Tokyo, Hong Kong and Zurich, function as a global
integrated team, providing 24-hour coverage to institutions, corporate
and fund managers. Newedge is a member of CME/COMEX, TOCOM and the
Shanghai Futures Exchange through its China joint venture, CITIC.
Newedge Futures. Newedge is a service provider of the full range of
exchange-traded base, precious and nonferrous contracts, over-the-
counter (OTC) markets, exchange for physical (EFP) and exchange for
swaps (EFS) markets. 24-hour coverage of: LME, COMEX, Shanghai Futures
Exchange and TOCOM, Full range of OTC Metal Swaps, Precious and base
metal Exchange for Physicals (EFP’s), Average price and ISDA based trades,
Electronic Order Routing.
Société Générale
10th floor, Exchange House, Primrose Street, London EC2A 2HT. TEL:
+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.
london@sgcib.com, base.newyork@sgcib.com, base.shanghai@sgcib.
com, commodities.asiapac@sgcib.com. DIRECTORS: François Combes,
Xavier Lannegrace. TRADING PERSONNEL: Andrew Vale, Ian Oxley,
Christopher Olmstead. COMPLIANCE OFFICER: Jeremy Wall, Jean Heuga.
ESTABLISHED: 1864. NON-LME METALS HANDLED: Gold, silver, platinum and
palladium. ADDITIONAL INFORMATION: Headquarters: Tour Sg 17 Cours
Valmy 92987 Paris La Defense Cedex. Société Générale is involved in trade
and commodity finance, project and reserve based finance and strutured
commodity and mining project finance. Société Générale is a member of
the London Bullion Market Association, the London Gold Fixing and is an
associate of the London Platinum and Palladium Market.
Sucden Financial Ltd
Plantation Place South, 60 Great Tower Street, London EC3R 5AZ.
TEL: +44 203 207 5000. FAX: +44 203 207 5010. WEBSITE: www.
sucdenfinancial.com EMAIL: info@sucfin.com. DIRECTORS: Michael
Overlander (Chief Executive Officer), Robert James (Finance Director).
TRADING PERSONNEL: Paul Graham (Head of Industrial Commodities), Geoff
Ison (Head of LME Trading). COMPLIANCE OFFICER: Lanie Koppel. COMPANY
SECRETARY: Jon Tunnell. ESTABLISHED: 1973. OWNERSHIP: Sucres
et Denrées. SUBSIDIARIES: Genoc, Sucden Financial (HK) Ltd. NON-LME METALS
HANDLED: Iron Ore Swaps, gold, silver, platinum and palladium. ADDITIONAL
INFORMATION: Contact steel@sucfin.com for steel and iron ore information.
Triland Metals Ltd
MidCity Place, 71 High Holborn, London WC1V 6BA. TEL: +44 20 7061 5500. FAX:
+44 20 7061 5620. WEBSITE: www.triland.com. EMAIL: herwig.schmidt@
triland.com. DIRECTORS: Hideki Nakagawa (Chief Executive Officer), Martin
Pratt (Chief Operating Officer), Hiroshi Okazaki. TRADING PERSONNEL: Steve
Sayers, Herwig Schmidt. COMPLIANCE OFFICER: Stephen Coles. ESTABLISHED:
1971. OWNERSHIP: Mitsubishi Corp. ASSOCIATES: MC Futures Tokyo, Triland USA
Inc. NON-LME METALS HANDLED: Precious metals.
© Metal Bulletin 2011.

Simportex_qpa2.qxd
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Simportex_qpa2.qxd 24/09/2009 17:17 Page 1

452A Finchley Road, London NW11 8DG, England

452A Finchley Road, London NW11 8DG, England

Telephone: +44 (0)20 8457 8770, Fax: +44 (0)20 8457 7484, E-mail: sales@simportex.com, Website: www.simportex.com
Mumbai Office Tel: +91-22-2756-2924, Fax: +91-22-2757-0694, E-mail: simportex@vsnl.net

Telephone:
 +44 (0)20 8457
Cu Cathodes LME
Telephone: +44 (0)20 8457 8770, Fax: +44 (0)20 8457 7484,
8770,
452A Finchley Road, London NW11
reg.Fax: +44reg.
and non (0)20 8457rod
/ 8mm 7484, E-mail:
/ Billets
We have
8DG,prompt availability of:
England
sales@simportex.com,
/ Cakes / Tubes  Aluminium Website: www.simportex.com
Ingots primary & alloys
452A
Billets /Finchley
Bars / CRC Road, London
NW11 8DG, England
Mumbai
 Nickel (Cut Office
 Tin Ingots E-mail: sales@simportex.com,
Tel: +91-22-2756-2924, Fax: +91-22-2757-0694, E-mail:
& Uncut)
Telephone:
We have prompt+44 (0)20
Website:
8457of:8770,
availability
 Gold, Silverwww.simportex.com
 Steel simportex@vsnl.net / HRC / HDGC,
& precious metals
Fax:& Plastics
+44
etc
(0)20 8457 7484, E-mail: sales@simportex.com, Web
 Zinc H.G & S.H.G Ingots / concentrates  Scrap


Cu Cathodes LME reg. and
Nickel (Cut & Uncut)
 non
Leadreg.
IngotsMumbai
/ 8mm rod &
99.99% Office
/ Billets
99.97% /&
Cakes /Tel:
Tubes
re-melted +91-22-2752-6924,
lower Mumbai
Aluminium
grades Office
IngotsTel:
primary &Fax:
alloys +91-22-2752-6892,
+91-22-2756-2924, Fax: +91-22-2757-0694, E-mail: simport
Also other LME & Non LME Metals including minor metals, ferroalloys,ores, rare earths, etc.
 Steel Billets / Bars / CRC / HRC / HDGC, etc
 Tin Ingots E-mail:simportexmumbai@gmail.com
Gold, Silver & precious metals We have prompt availability of:
 Zinc H.G & S.H.G Ingots / concentrates Scrap & Plastics

 Cu Cathodes LME reg. and non
Lead Ingots 99.99% & 99.97% & re-melted lower grades
reg. / 8mm rod / Billets / Cakes / Tubes  Aluminium Ingots primary & allo
 Also other LME & Non LME Metals including minor metals, ferroalloys,ores, rare earths, etc.
 Nickel (Cut & Uncut)  Steel Billets / Bars / CRC / HRC
We have
 Tin Ingotsavailability of: t Zinc H.G & S.H.G Ingots/
prompt t Steel Billets/Bars/CRC/HRC/
 Gold, Silver & precious metals
t CuCathodes
Zinc H.G LME reg. and
& S.H.G concentrates
Ingots / concentrates HDGC, etc Scrap & Plastics
 Lead Ingots 99.99% & 99.97% & re-melted lower grades  Also other LME & Non LME Metals in
non reg./8mm rod/Billets/ t Lead Ingots 99.99% & 99.97% t Gold, Silver & precious metals
Cakes/Tubes & re-melted lower grades t Scrap & Plastics
t Nickel (Cut & Uncut) t Aluminium Ingots primary & t Also other LME & Non
t Tin Ingots alloys LME Metals

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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
London Branch, 5 Aldermanbury Square, London, EC2V 7HR. TEL:
+44 20 3192 9055. WEBSITE: www.abnamro.com. EMAIL: [firstname.
surname]@uk.abnamroclearing.com. DIRECTORS: Jan Bart de Boer,
Marcel Jongmans, Roger Little (managing director of London branch).
TRADING PERSONNEL: Chris Lee (electronic broker), James Fairweather
(electronic broker). Mike Wakefield (electronic broker) and market access
support. COMPLIANCE OFFICER: Gary O’Brien (gary.obrien@uk.abnamro.
com). COMPANY SECRETARY: Intertrust. ESTABLISHED: 2004. OWNERSHIP: ABN
AMRO Bank N.V. ADDITIONAL INFORMATION: The bank provides order
routing capabilities and clearing services for LME and other financial/
commodities instruments.
ADM Investor Services International Ltd
4th floor, Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT.
TEL: +44 20 7716 8610. FAX: +44 20 7294 0233. WEBSITE: www.admisi.com.
EMAIL: metals.desk@admisi.com. DIRECTORS: Mark Fox-Andrews, Philip
Wasling, Charles Brimble. TRADING PERSONNEL: Mark Shaer, Darren Fowler,
David Rawlinson. PLASTICS PERSONNEL: Darren Fowler. COMPLIANCE
OFFICER: Tracy Hetherington. COMPANY SECRETARY: Charles Brimble.
ESTABLISHED: 1990. OWNERSHIP: Archer Daniels Midland Group.
ASSOCIATES: ADM New York; ADM Chicago. NON LME METALS HANDLED: Gold,
platinum and palladium.
BGC Brokers International
One Churchill Place, Canary Wharf, London E14 5RD. TEL: +44 20 7894 7000
+44 20 7894 7606 (Trading Desk). FAX: +44 20 7894 7225. EMAIL: sgoodger@
bgcpartners.co.uk. TRADING PERSONNEL: Steve Goodger, Dave Cambridge,
Jon Mason, Tilman Hameister, Mark Hamblin. COMPLIANCE OFFICER: Simon
Chatterton. OWNERSHIP: Private. SUBSIDIARIES: Tower Bridge Securities Ltd.
BNP Paribas Commodity Futures Ltd
10 Harewood Avenue, London NW1 6AA. TEL: +44 20 7595 2000.
FAX: +44 20 7595 2555. WEBSITE: www.enercomxp.bnpparibas.com.
Citigroup Global Markets Ltd
Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB. TEL:
+44 20 7986 3120. WEBSITE: www.citigroup.com. DIRECTORS: Jerome Kemp
(Global Head of Citi Futures), Michel Planquart (EMEA Head of Citi Futures).
COMPLIANCE: David Flowerday. Trading Personnel: Vincenzo Corrado,
Mark Foster. STEEL PERSONNEL: Nadeem Khursheed, David Levy.
Crédit Agricole - Corporate and Investment Bank (CA-CIB)
Broadwalk House, 5 Appold Street, London EC2A 2DA. TEL: +44 20 7214 6448.
FAX: +44 20 7214 6073. WEBSITE: www.ca-cib.com. EMAIL: john.dennis@
uk.ca-cib.com. DIRECTORS: John Dennis, Paul Butler Smith. TRADING
PERSONNEL: Neil Rothwell (global head of commodoties trading). GENERAL
MANAGER: Vincent LeClercq. COMPANY SECRETARY: Philip Huger (chief
operations officer). CHIEF REPRESENTATIVE: Arnaud Chupin (SCO).
COMPLIANCE OFFICER: James Kelly. ESTABLISHED: 2004. OWNERSHIP: Crédit
Agricole Group. NON-LME METALS HANDLED: Gold, silver, platinum and
palladium. ADDITIONAL INFORMATION: member of LBMA.
Credit Suisse
One Cabot Square, London E14 4QJ. TEL: +44 20 7888 4661. FAX:
+44 20 7905 6424. WEBSITE: www.credit-suisse.com. EMAIL: sherry.
amin@credit-suisse.com. DIRECTORS: Jared Baker, Berouz Fatemi, Kamal
28 | LME | October 2011
Naqvi, Mark Harvey, Jerome Drouin. TRADING PERSONNEL: Alistair Mansell.
COMPLIANCE OFFICER: Steve Katesmark, David Nader. COMPANY SECRETARY:
Julie Challis
Deutsche Bank AG
Winchester House, 1 Great Winchester Street, London EC2N 2DB. TEL:
+44 20 7545 4333. FAX: +44 20 7547 3713. PERSONNEL: Raymond Key (Head
of Metals Trading), Simon Grenfell (Head of Metals Sales and Origination),
Peter Barnes (Director – Head of Metal Sales and Origination CEEMA),
Richard Hajdukiewicz (Director – Head of Sales and Origination Americas)
Gavin Xing (Director – Head of Sales and Origination Asia). NON-LME
METALS HANDLED: Gold, silver, platinum and palladium.
Goldman Sachs International*
Peterborough Court, 133 Fleet Street, London EC4A 2BB. TEL:
+44 20 7774 2030. FAX: +44 20 7774 2020. WEBSITE ADDRESS: www.gs.com.
TRADING PERSONNEL: Stephen Branton-Speak. OWNERSHIP: Goldman
Sachs International.
HSBC Bank plc*
8 Canada Square, London E14 5HQ. TEL: +44 20 7991 5762.
FAX: +44 20 7992 4983. WEBSITE: www.hsbc.com.
ICAP Securities Ltd
2 Broadgate, London EC2M 7UR. TEL: +44 20 7532 4650. FAX:
+44 20 7000 5935. WEBSITE: www.icap.com/lme. EMAIL: icapmetals@icap.
com. TRADING PERSONNEL: Robert Rees, Steven Bingley, Keith Wildie, Gareth
Hughes, Francis Asher, Michael North, Adam Newman, Marc Carozza, Phil
Barker, Jason Dobson, Aaron Hung, Sammi Li, Sam Emara, Alex Cheyney.
COMPLIANCE OFFICER: Steven Woolley. COMPANY SECRETARY: Deborah Abrehart.
ESTABLISHED: 1956. OWNERSHIP: ICAP Group Holdings Ltd (ultimate parent
company ICAP plc). NON-LME METALS HANDLED: Gold, silver, platinum,
palladium, rhodium (OTC), iron ore (OTC) and all listed contracts on COMEX/
NYMEX and SGX. MEMBERSHIP: Associate Broker Clearing Member.
Investec Bank plc*
2 Gresham Street, London EC2V 7QP. TEL: +44 20 7597 4000.
FAX: +44 20 7597 4070. WEBSITE: www.investec.com.
Jefferies Bache, Ltd
Base Metals Division, 9 Devonshire Square, London EC2M 4HP.
TEL: +44 20 7548 5481 +44 20 7548 5482. FAX: +44 20 7623 5113.
EMAIL: basemetals@prudential.com, mrazzano@jefferies.com.
DIRECTORS: A. Ladouceur, M. Bailey, M. Coomber, D. Weaver, H. Tucker,
A. Gibbins, T. Barker. TRADING PERSONNEL: B. Gershon, S. Evans, M. Wang,
C. Domisch, P. A. Favillier, P. Ranahan, M. Jevons, D. McKiernan,
R. Caporale, S. Palmer, J. Stradling, A. Patel, A. Malhotra, B. Dulieu,
J. Diecchio, E. Eisner, G. Barratt, R. Leung, R. Fu, A. Nordhagen, N.
Vasiljevic, S. Benny, G.Kirby, E. McIntyre. PLASTICS PERSONNEL: B. Gershon.
COMPLIANCE OFFICER: Dianne Faulks. COMPANY SECRETARY: Nicola Hardy.
OWNERSHIP: Jefferies & Co. ADDITIONAL INFORMATION: Established
Hamburg Metals in October 1985. Branch and affiliated offices in
Hamburg, London, New York and Hong Kong.
Koch Metals Trading Ltd
Fountain House, 6th floor, 130 Fenchurch Street, London EC3M 5DJ.
TEL: +44 20 7648 6300. FAX: +44 20 7648 6301. WEBSITE: www.kochmetals.
 LME 2011
Associate broker clearing members
com. EMAIL: info-london@kochind.com. DIRECTORS: Frans Pettinga
(Managing), Michiel Prins, David Bartlett, Doug Beach, Stephen Mawer.
TRADING PERSONNEL: Frans Pettinga, Peter Schluter, Oliver Farman, Xiao
Tan, Daniel Banks, Gavin Stanton, Daniel Eld, John King, Andrew Wong.
COMPLIANCE OFFICER: Jess. E. Pedersen. COMPANY SECRETARY: Baker &
McKenzie. ESTABLISHED: 1997. OWNERSHIP: Koch Resources LLC. ASSOCIATES:
Koch Supply & Trading, LP.
Macquarie Bank Limited
1 Martin Place, Sydney NSW 1164, Australia/ Ropemaker Place,
28 Ropemaker Street, London EC2Y 9HD. TEL: +61 2 8232 4770 /
+44 20 3037 4610. FAX: +61 2 8232 3590 / +44 20 3037 4301. WEBSITE:
www.macquarie.com.au and www.macquarie.com. EMAIL:
basemetals@macquarie.com. DIRECTORS: Available upon request.
TRADING PERSONNEL: Andrew Downe (FICC Global Head), Paul Plewman
(FICC London Head). COMPLIANCE OFFICER: Darren Thomas (FICC Compliance
London). COMPANY SECRETARY: Dennis Leong. ESTABLISHED: Macquarie
takes its origins from the merchant bank Hill Samuel Australia (HSA) which
was established in 1970. In 1985, HSA became Macquarie Bank Limited.
In 2007, the Macquarie Group undertook a corporate reorganisation,
and Macquarie Group Limited (ASX: MQG) became the ultimate parent
of the Macquarie Group. OWNERSHIP: Macquarie Group Limited is listed
on the Australian Stock Exchange. SUBSIDIARIES & ASSOCIATES: Numerous.
NON-LME METALS HANDLED: Precious metals.
Merrill Lynch International
2 King Edward Street, London EC1A 1HQ. TEL: +44 20 7628 1000
+44 20 7996 3900 (traders). WEBSITE: www.ml.com. DIRECTORS: Martin
Butler, Michael D’Souza, Robert Everett, Yasuhiro Fujiwara, Tom Montag,
Jonathan Moulds (chairman), Gordon Sangster, Price Sloan, Michael
Stewart. TRADING PERSONNEL: George Daniel, Jason Kay, Moataz Abed,
Laurence Mann, Harnik Lakhan, Shaun Groves. COMPLIANCE OFFICER: Ross
Moody. COMPANY SECRETARY: Merrill Lynch Corporate Services Ltd.
ESTABLISHED: 1988. OWNERSHIP: Bank of America Corp (ultimate parent).
NON-LME METALS HANDLED: Gold, silver, platinum and palladium.
Mitsui Bussan Commodities Ltd
4th floor, St Martin’s Court, 10 Paternoster Row, London EC4M 7BB.
TEL: +44 20 7489 6700. FAX: +44 20 7489 6660. WEBSITE: www.mbclme.
com. EMAIL: info@mbcl.co.uk. DIRECTORS: Peter Allan, Stuart Aitken,
Sam Miyamoto. TRADING PERSONNEL: Elliot Mount, Brian Chapman, Peter
Murray, Robert McMullan. FERROUS PERSONNEL: Micki Waite, Abe Ulusal.
MARKETING PERSONNEL: Micki Waite, Sally Hemsley, Rick Holmes, Abe
Ulusal, David Larke. COMMODITY RESEARCH: Justin Lennon. COMPLIANCE
OFFICER: Michael Butler. COMPANY SECRETARY: Shubha Nath. ESTABLISHED:
1991. OWNERSHIP: Mitsui & Co Ltd. SUBSIDIARIES: In New York, Sydney,
Singapore. NON-LME METALS HANDLED: Iron ore, steel swaps.
Mizuho Securities USA Inc
Bracken House, 1 Friday Street, London EC4M 9JA (London branch office),
311 S Wacker Drive, Ste 711, Chicago, IL 60606, USA (futures division head
office). TEL: +44 20 7776 5800 (London), +1 312 294 8800 (Chicago).
WEBSITE: www.mizuhosecurities.com. EMAIL: [firstname.
lastname]@us.mizuho-sc.com. DIRECTORS: John Murphy (executive
managing director, head of futures, Chicago), Robert Alexander (executive
director, futures division, London branch manager, London). METALS
CLEARING SALES: Robert Alexander, Tohru Yasumaru (executive director,
futures division, Chicago), Hector Robles (executive director, futures
division, Chicago), Jeff Ollada (executive director, futures division,
Chicago). COMPLIANCE OFFICER: James Bohlsen, Chicago. OWNERSHIP:
Mizuho Securities Co Ltd, Tokyo. NON-LME METALS HANDLED: CME Comex
Division Clearing member. ADDITIONAL INFORMATION: The company
provides clearing and electronic trading of LME products.
Morgan Stanley & Co International plc
25 Cabot Square, Canary Wharf, London E14 4QA. TEL:+44 20 7677 7600.
FAX: +44 20 7677 7649. WEBSITE: www.morganstanley.com. EMAIL:
lmedesk@morganstanley.com. TRADING PERSONNEL: Warren Capps, Yann
Murciano, Christopher Grunsfeld, Matthew France, T.K. Ong, Maciej
Nowakowski, Thibaut Remoundos, John Pacilio. SALES & MARKETING: Ariel
Seldman, Charlie Feitel, Mahesh Nair, Benjamin Cross, Keryn Layton-
McCann, Ming Chaim. HEAD OF GLOBAL METALS: Amrik Sandhu. COMPLIANCE
OFFICER: Graeme Russell. COMPANY SECRETARY: Richard Rosenthal.
ESTABLISHED: 1986. OWNERSHIP: Morgan Stanley. NON-LME METALS
HANDLED: Gold, silver, platinum, palladium and rhodium. ADDITIONAL
INFORMATION: Morgan Stanley offers 24-hour coverage and dealing from
offices in London, New York (Tel: +1 914 225 1480), Singapore (Tel:
+65 6834 6928), Japan (Tel: +81 3 5424 7768) and Shanghai (Tel:
+86 21 6279 8121).
Phibro Ltd
6 Duke Street, London SW1Y 6BN. TEL: +44 20 7484 2500.
FAX: +44 20 7839 1848. WEBSITE: www.phibro.com.
Royal Bank of Canada Europe Ltd
Riverbank House, 2 Swan Lane, London EC4R 3BF. TEL: +44 20 7029 7107.
FAX: +44 20 7029 7900. WEBSITE: www.rbccm.com/ basemetals.
EMAIL: basemetals@rbccm.com. DIRECTORS: John Roberts, Pauline Egan,
Sir Andrew Foster, Janice Fukukusa, John Greenslade, Graeme Hepworth,
Mark Hughes, Stephen Krag, Doug McGregor, Patrick Meier, Harry Samuel,
Mark Standish, Jim Pettigrew, David Thomas. TRADING PERSONNEL: Randy
North (Senior Broker), Olivia Burwood-Taylor (Broker). PLASTICS
PERSONNEL: Randy North. COMPLIANCE OFFICER: Dino Kakoulli. COMPANY
SECRETARY: Jason Wright. ESTABLISHED: 1970. OWNERSHIP: Royal Bank of
Canada. NON-LME METALS HANDLED: Gold and silver.
Scotiabank Europe plc
201 Bishopsgate, 6th Floor, London. EC2M 3NS . WEBSITE: www.
scotiabank.com. TRADING PERSONNEL: Steven Lowe – London. Alistair
Watson – London. John Ervasti – New York. COMPLIANCE OFFICER: Gurjit
Purewal – London. COMPANY SECRETARY: Jane Lloyd – London.
ESTABLISHED: 1964. OWNERSHIP: The Bank of Nova Scotia. BRANCHES: Paris.
OTHER MEMBERSHIP: LCH.
Standard Bank plc
20 Gresham Street, London EC2V 7JE. TEL: +44 20 3145 6830. WEBSITE:
www.standardbank.com. EMAIL: base.metals@ standardbank.com.
MANAGEMENT: Bruce Garner (global head of commodity sales &
trading), Jim Coupland (managing director, global head of base metals
& bulk commodities), Rob Swain (managing director, base metals
trading), Steve Reece (managing director, physical base metals), Peter
Faulkner (managing director, steel complex). COMPLIANCE OFFICER:
Michael Callow. ESTABLISHED: 1992. OWNERSHIP: Standard Bank Group.
ASSOCIATES: Standard Resources (China) Ltd. (Victor Yu -managing
director). NON-LME METALS HANDLED: Gold, silver, platinum, palladium
and rhodium.
Standard Chartered Bank
1 Basinghall Avenue, London EC2V 5DD. TEL: +44 20 7885 7519. FAX:
+44 20 7885 8927. WEBSITE: www.standardchartered.com. EMAIL:
london.metalsales@sc.com DIRECTORS: Jeremy East (global head of
metals & SIP trading). PERSONNEL: David Sheppard (Base Metals Trading),
Jamie Grace (Metals Option Trading), Tom Coghill (Metal Sales). COMPLIANCE
OFFICER: Graham Jelf. OWNERSHIP: Standard Chartered plc. NON-LME
METALS HANDLED: Iron ore, steel, precious and PGM’s. STEEL PERSONNEL:
David Sheppard (Base Metals Trading), Jamie Grace (Metals Option
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.
FAX: +44 20 7429 7971. WEBSITE: www.ttmetals.com. EMAIL:
info@ttmetals.com. DIRECTORS: Alan Spinks, Takeo Fujihara, Hideki
Kondo, Hiroto Naane, Takashi Hirobe. TRADING PERSONNEL: Alan Spinks,
Paul Marney, James Andrews, Michael O’Sullivan, Gwenael Chazal.
COMPLIANCE OFFICER: Lester Doman. COMPANY SECRETARY: Takeo Fujihara.
ESTABLISHED: 1999. OWNERSHIP: Toyota Tsusho Corp.
1 Finsbury Avenue, London EC2M 2PP. TEL: +44 20 7567 8000. FAX:
+44 20 7567 2874. WEBSITE: www.ubs.com. EMAIL: DL-commodities-
LDN@ubs.com. TRADING PERSONNEL: Dylan Morgan (Managing Director);
Sebastien Dubernet (Director). MARKETING PERSONNEL: Rick McIntire
(Managing Director); Hector Freitas (Managing Director); Jamil Sylvester-
John. COMMODITY RESEARCH: Peter Hickson (Managing Director); Tom Price
(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
Apex Yard, 29-35 Long Lane, London SE1 4PL. TEL: +44 20 7940 0430.
FAX: +44 20 7403 3166. WEBSITE: www.amgroup.uk.com. EMAIL:
info@amgroup.uk.com. DIRECTORS: Cheng Fie Lim, Alan Ewart, Jesse
Lim Jnr., Charles Herzfeld. TRADING PERSONNEL: Conor Broughton, Peter
Redfearn, Mina Shimizu, Peter David, Pham Thanh Do, Jesse Lim Jnr,
Ana Marie Wallace. GENERAL MANAGER: Chris Bloggs. COMPLIANCE OFFICER
& COMPANY SECRETARY: Chris Bloggs. ESTABLISHED: 1990. SUBSIDIARIES:
A & M Minerals Ltd; Thornton Processing. ASSOCIATES: A & M Brazil;
A & M Vietnam. NON-LME METALS HANDLED: Tantalum, niobium, tungsten,
tin, antimony. Associate Trade Member.
Alcan Trading Ltd
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.
WEBSITE: www.riotinto.com. EMAIL: markus.hofer@riotinto.com
DIRECTORS: Markus Hofer (markus.hofer@riotinto.com). Associate Trade
Member.
Antofagasta Minerals SA
Apoquindo 4001, Piso 18, Las Condes, Santiago, Chile. TEL: +56 2 798 7000.
FAX: +56 2 798 6923. WEBSITE: www.antofagasta.co.uk. EMAIL:pvasquez@
aminerals.cl. DIRECTORS: Marcelo Awad (president & chief executive
officer), Jean-Paul Luksic F (chairman), Gonzalo Menéndez, Ramon Jara.
TRADING PERSONNEL: Gonzalo Sanchez (vice president, commerical),
Rodrigo Bravo (deputy commercial director), Hugo Jordan (sales
manager). COMPANY SECRETARY: Pamela Vasquez. SUBSIDIARIES: Minera
Los Pelambres; Minera El Tesoro; Minera Michilla; Minera Esperanza.
MEMBERSHIP: Associate Trade Member.
Ashton Commodities Ltd*
Winchester House, 259-269 Old Marylebone Road, London NW1 5RA.
TEL: +44 20 7170 4200. FAX: +44 20 7170 4202. WEBSITE:
www.ashtoncommodities.com. Associate Trade Member.
Aurubis AG
Hovestrasse 50, 20539 Hamburg, Germany. TEL: +49 40 7883 0.
FAX: +49 40 7883 2255. WEBSITE: www.aurubis.com. EMAIL: info@
aurubis.com. DIRECTORS: Bernd Drouven (chief executive officer), Stefan
Boel (member of executive board), Erwin Faust (member of executive
board), Michael Landau (member of executive board), Peter Willbrandt
(member of executive board). TRADING PERSONNEL: Sven Mueller-Thurau
(LME and marketing cathodes), Jens Jacobsen (marketing rod and cast
products), Ari Ingmann (flat rolled products). COMPLIANCE OFFICER:
Henning Michaelsen. COMPANY SECRETARY: Sabine Morgan. ESTABLISHED:
1866. OWNERSHIP: Salzgitter AG (25%), institutional investors (45%),
private investors (30%). NON-LME METALS HANDLED: Gold, silver,
platinum, palladium and selenium. ADDITIONAL INFORMATION: Aurubis AG
is the result of the merger of Norddeutsche Affinerie AG and Cumerio SA/
NV. Associate Trade Member.
Bank of London and The Middle East
ADDRESS: Sherborne House, 119 Cannon Street, London EC4 5AT.
TEL: +44 20 7618 0050. FAX: +44 20 7618 0051. WEBSITE: www.blme.com.
EMAIL: treasury@blme.com. DIRECTORS: Humphrey Percy (Chief Executive
Officer), Richard Williams (Finance Director), Nigel Denison (Head of
Markets & Asset Management). TRADING PERSONNEL: Mark J. Lynch, Sinan
Keki, Neyar S. Malik, Julie Yim. COMPLIANCE OFFICER: Nigel Williams.
COMPANY SECRETARY: Richard Williams. ESTABLISHED: 2007. OWNERSHIP:
Mainly institutional. Associate Broker Member.
BHP Billiton Marketing AG*
T Schip, Verheeskade 25, PO Box 19511, 2521 BE The Hague, Netherlands.
TEL: +31 70 315 6614. FAX: +31 70 315 6721. WEBSITE: www.bhpbilliton.com.
Associate Trade Member.
Britannia Refined Metals Ltd
Botany Road, Northfleet, Gravesend, Kent DA11 9BG. TEL: +44 1474 538200.
FAX: +44 1474 538203. WEBSITE: www.xstrata.com. Associate Trade
Member.
Chile Copper Ltd*
27 Albermarle Street, London W1S 4HZ. TEL:+44 207 907 9600. FAX:+44 207
907 9610. Associate Trade Member.
Commerzbank AG London branch
30 Gresham Street, London EC2P 2XY. TEL: +44 20 7444 9075. FAX:
+44 20 7475 1854. WEBSITE: www.commerzbank.com. EMAIL: david.
burns@commerzbank.com. HEAD OF COMMODITIES: David Burns;
CO-HEAD OF COMMODITY SOLUTIONS GROUP & HEAD OF COMMODITY SALES:
David Holmes. COMPLIANCE OFFICER: Nash Jooma. Associate Broker
Member.
Darton Commodities Ltd
St Thomas Court, 39 Epsom Road, Guildford, Surrey, GU1 3LA, UK. TEL:
+44 1483 579825. FAX: +44 1483 514177. WEBSITE: www.dartoncommodities.
com. EMAIL: gdarby@dartoncommodities.co.uk. DIRECTORS: Guy Darby,
Roy Walton. TRADING PERSONNEL: Guy Darby, Andries Gerbens. COMPANY
SECRETARY: Roy Walton. ESTABLISHED: 2000. OWNERSHIP: Guy Darby, Roy
Walton. NON-LME METALS HANDLED: Rhenium, Ruthenium. ADDITIONAL
INFORMATION: Associate Trade Member.
DD&Co Ltd
8-10 Grosvenor Gardens, London SW1W 0DH. TEL: +44 20 7863 1250.
FAX:+44 20 7663 5462. WEBSITE: www.ddcap.co.uk. EMAIL: ddgi@ddcap.
co.uk. DIRECTORS: Stella Cox, Lawrence Oliver, Declan Kelly, David Gelber,
Michael Spencer. TRADING PERSONNEL: Stella Cox, Lawrence Oliver, Louise
Grigg. COMPLIANCE OFFICER: J. Sampson. COMPANY SECRETARY: H. Bollins.
ESTABLISHED: 1928. OWNERSHIP: Private limited company. NON-LME
METALS HANDLED: Platinum group metals. Associate Trade Member.
Eastern Alloys Inc*
PO Box 317, Henry Henning Drive, Maybrook, NY 12543, USA. TEL:
+1 845 427 2151. FAX: +1 845 427 5185. WEBSITE: www.eazall.com. Associate
Trade Member.
Euromin SA
Boulevard Du Pont, d’Arve 28, 1205 Geneva, Switzerland. POSTAL ADDRESS: PO
Box 384, 1211 Geneva 4, Switzerland. TEL: +41 22 322 1111. FAX:
+41 22 328 2385. EMAIL: paw@euromin-sa.com. DIRECTORS: Roland Favre,
David Fransen. MARKETING PERSONNEL: Patrick Weller (Managing Director,
Euromin London Branch), Jean-Sebastien Gerard, Mike Baker. COMPLIANCE
OFFICER: Donal Carroll. ESTABLISHED: 1992. OWNERSHIP: Vitol Holding Sarl.
NON-LME METALS HANDLED: Indium, cadmium, molybdenum and
October 2011 | LME | 31
LME
LME2011
2011
Other associate members
manganese ore, iron ore, ferrous scrap. TRADING PERSONNEL: Patrick Weller
(ores, concentrates and raw materials), Jean-Sebastien Gerard (lead and zinc
metal+ iron ore), Mike Baker (copper, tin and nickel metal), Philip Blanchard
(minor metals). BRANCHES: London, Lima. Associate Trade Member.
Freeport-McMoRan Copper & Gold Inc
333 North Central Avenue, Phoenix, AZ 85004, USA. TEL: +1 602 366 8100.
WEBSITE: www.fcx.com. EMAIL: fms_communications@fmi.com.
DIRECTORS: James R. Moffett (Chairman of the Board), Richard C. Adkerson
(President and Chief Executive Officer), Michael J. Arnold (Executive Vice
President and Chief Administrative Officer), Kathleen L. Quirk (Executive
Vice President, Chief Financial Officer and Treasurer). SUBSIDIARIES:
Freeport-McMoRan Corp; Freeport Indonesia (PT-FI); Atlantic Copper SA.
Associate Trade Member.
GFI Securities Ltd*
One Snowden Street, Broadgate West, London EC2A 2DQ. TEL:
+44 20 7422 1000. FAX: +44 20 7877 8065. WEBSITE: www.gfigroup.com.
Associate Trade Member.
Gold Matrix Resources Pte Ltd
101, Cecil Street, 25-12 Tong Eng Building, Singapore 069533. TEL:
+65 6491 1100. FAX: +65 6220 0400. WEBSITE: www.goldmatrixresources.
com. EMAIL: gmr@goldmatrixresources.com. DIRECTORS: Pinaki Rath
(Managing Director). TRADING PERSONNEL: John Joseph, Nikhil Supekar
COMPLIANCE: Shailendra Bansal. ESTABLISHED: 2005. OWNERSHIP: Private
Limited. NON-LME METALS: Stainless steel scrap, chrome ore, ferro-alloys.
Associate Trade Member.
Halcor SA
2-4 Messogion Street, 115 27 Athens, Greece POSTAL ADDRESS: 16 Himaras
Street, Maroussi 15125, Greece. TEL: +30 210 686 1111. FAX: +30 210 686 1603.
WEBSITE: www.halcor.gr. EMAIL: secmoustakas@steelmet.vionet.gr.
Associate Trade Member.
Hunter Douglas NV
Piekstraat 2, 3071-EL Rotterdam, Netherlands. TEL: +31 10 439 7000.
FAX: +31 10 439 7099. EMAIL: e.dewaard@hde.nl. DIRECTORS:
R. Sonnenberg (president and chief executive officer), J.T. Sherwin
(director). OFFICERS: L. Reijtenbagh (vice president, administration
controller and assistant secretary). TRADING PERSONNEL: Cathleen Popkin.
COMPLIANCE OFFICER: J.T. Sherwin (director). ESTABLISHED: 1971.
SUBSIDIARIES: Metals - Hunter Douglas Metals BV, Hunter Douglas Metals
Inc. Associate Trade Clearing Member.
Hydro Aluminium AS
Drammensveien 260, 0240 Oslo, Norway. TEL: +47 22 53 8100. WEBSITE:
www.hydro.com. EMAIL: corporate@hydro.com. CHIEF EXECUTIVE
OFFICER: Svein Richard Brandtzaeg. CFO: Jorgen C Arentz Rostrup,
CORPORATE STAFF & GENERAL COUNSEL: Wenche Agerup. BAUXITE
& ALUMINA: Johhny Undelli. ENERGY: Arvid Moss, PRIMARY METAL: Hilde
M Aasheim. METAL MARKETS: Kjetil Ebberberg. ROLLED PRODUCTS: Oliver
Bell. EXTRUDED PRODUCTS: Hans-Joachim Kock. PROJECTS: Tom Rotjer.
Associate Trade Clearing Member
Indumetal Recycling SA
Carretera de la Cantera, 11, 48950 Asua-Erandio, Bizkaia, Spain.
TEL: +34 94 471 0018. FAX: +34 94 471 03 98. WEBSITE: www.indumetal.
com. EMAIL: irsa@indumetal.com. DIRECTORS: Juan de la Rica, Esteban
Marijuán-Requeta. COMMERCIAL DEPARTMENT: Ana Villanueva (purchasing
and sales manager). ESTABLISHED: 1984. SUBSIDIARIES: Recypilas; IR
Elektronik. ADDITIONAL INFORMATION: Indumetal Recycling SA handles
telephonic and electronic scrap, waste electrical and electronic
equipment (WEEE). Associate Trade Member.
INTL FCStone (Europe) Ltd (previously Ambrian Commodities Ltd)
Old Change House, 128 Queen Victoria Street, London, EC4V 4BJ. TEL:
+44 20 7634 4800. FAX: +44 20 7634 4801. WEBSITE: www.intlfcstone.com.
EMAIL: commodities@intlfcstone.com. MANAGER EUROPE: Alex Wilkinson.
GLOBAL HEAD OF SALES: Alex Heath. SALES DIRECTOR EUROPE Malcolm
Freeman. EVP NORTH AMERICAN SALES: Dr. Mo Ahmadzadeh.
HEAD OF TRADING: Peter Grinham. SENIOR DEALER: Allan Bailey. HEAD
OF COMPLIANCE: Jasmin Hayer. HEAD OF OPERATIONS: Stephen Brierley.
ESTABLISHED: 2006. OWNERSHIP: Ambrian Capital plc (100%). NON-LME
METALS HANDLED: Gold, silver, platinum and palladium. Category 4
(Associate Broker) member with approval for category 2 (Associate Broker
Clearing Member).
Jaypee International Inc*
30 S. Wacker Drive, Suite 1700, Chicago, Illinois, 60606, USA.
TEL: +1 (312) 655-7606. WEBSITE: www.jaypeeusa.com. Associate
Trade Member.
KME Germany AG & Co KG
Klosterstrasse 29, 49074 Osnabrueck, Germany. TEL: +49 541 321 4900. FAX:
+49 541 321 4930. WEBSITE: www.kme.com. EMAIL: thomas.goeda@kme.
com. DIRECTORS: Riccardo Garré, Italo Romano, Marco Calamia, Thomas
Goeda. TRADING PERSONNEL: Thomas Goeda, Laura Montelatici, Milena
Romano, Michele Schafer. COMPLIANCE OFFICER: Marco Miniati. COMPANY
SECRETARY: Alessandra Pizzuti. ESTABLISHED: 1995. OWNERSHIP: KME Group
SpA, Florence, Italy. SUBSIDIARIES: KME Italy SpA, Florence, Italy; KME
France SA, Courbevoie, France; KME Yorkshire Ltd, Liverpool, UK; KME
Locsa SA Córdoba, Spain. BRANCHES: Brass mill operations. Associate
Trade Member.
LN Metals International Ltd
20 Gracechurch Street, London EC3V 0BG. TEL: +44 20 7929 3614. FAX:
+44 20 7847 3798 +44 20 7847 3799. WEBSITE: www.lnmetals.com.EMAIL:
trading@lnmetals.com. DIRECTORS: Nigel Dentoom, Kevin Rhodes, Iain
Paterson, Michael Schonfeld. TRADING PERSONNEL: Tony Every, Monika
Zientara, Dominic Davies, Steve Barbouttis, Martin Nunez. COMPANY
SECRETARY: Kevin Rhodes. ESTABLISHED: 1998. OWNERSHIP: RMB Australia
Holdings Limited (46.47%); LNMH Limited (25.58%); Nigel Dentoom
(7.75%); Kevin Rhodes (7.75%); Iain Paterson (8.41%); Others (4.04%).
SUBSIDIARIES: LN Futures Ltd. NON-LME METALS HANDLED: Ferro-alloys,
antimony, cadmium, bismuth and selenium. ADDITIONAL INFORMATION:
Primary metal trader in zinc, lead, copper, nickel, tin, aluminium, steel,
minor metals plus concentrates and secondary products. MMTA member.
Associate Trade Member.
Lonconex Ltd
4 Harley Street, London W1G 9PB. Tel: +44 20 7631 3485. Fax: +44 20 7631
3486. EMAIL: lonconex@yahoo.com. DIRECTORS: P.M. Saiman. COMPANY
SECRETARY: A. Crocker. OWNERSHIP: Primary Holdings Ltd (Ultimate Parent
- Kettering Holdings, Gibraltar). ASSOCIATES: Primary Industries (UK) Ltd
Associate Trade Member.
Metdist Ltd
80 Cannon Street, London EC4N 6EJ. TEL: +44 20 7280 0000. FAX:
+44 20 7606 6650. EMAIL: enquiries@metdist.com. MANAGEMENT: Lord
Bagri CBE (Chairman), The Hon A. Bagri (Managing Director). ESTABLISHED:
1970. OWNERSHIP: Minmetco Ltd. ASSOCIATES: Metdist Trading Ltd.
NON-LME METALS HANDLED: All non-ferrous metals, ores, concentrates
and semis. ADDITIONAL INFORMATION: International non-ferrous
merchants. Associate Trade Member.
MFC Commodities GmbH
Millennium Tower, 21st floor, Handelskai 94-96, 1200 Vienna, Austria.
TEL: +43 1 240 250. FAX: +43 1 240 25 263. EMAIL: office@mfc-commodities.
October 2011 | LME | 33
LME
LME2011
2011
Other associate members
com. DIRECTORS: Ernest Alders, Ferdinand Steinbauer. TRADING
PERSONNEL: Reinhard Mueller, Nikolay Rodkin. COMPLIANCE OFFICER:
Rosalinde Winkler. OWNERSHIP: Mass Financials. NON-LME METALS
HANDLED: Cobalt, iron ore, steel and magnesium. PLASTICS OFFICER:
Stefan Mikula. Associate Trade Member.
Nexans Deutschland GmbH*
Kabelkamp 20, 30179 Hannover, Germany. TEL: +49 511 676 01. FAX:
+49 511 676 2544. WEBSITE: www.nexans.de. EMAIL: info.ndi@nexans.
com. Associate Trade Member.
Nyrstar Sales & Marketing AG
Tessinerplatz 7, 8002 Zurich, Switzerland. TEL: +41 44 745 8100.
Fax: +41 44 745 8110. WEBSITE: www.nyrstar.com. EMAIL: geert.
vandenbroeck@nyrstar.com. DIRECTORS: Heinz Eigner, Michael Morley,
Maarten de Leeuw. TRADING PERSONNEL: Geert Van den Broeck, Koenraad
Dom. Compliance Officer: Virginie Lietaer. Company Secretary: Virginie
Lietaer. ESTABLISHED: 2010. OWNERSHIP: Nyrstar Holdings CV. Associate
Trade Member.
Outokumpu Oyj
Riihitontuntie 7, 02200 Espoo, Finland. POSTAL ADDRESS: PO Box 140, 02201
Espoo, Finland. TEL: +358 9 4211. FAX: +358 9 421 3888. WEBSITE:
www.outokumpu.com. EMAIL: [firstname.lastname]@outokumpu.com.
DIRECTORS: Mika Seitovirta (chief executive officer & president), Karri
Kaitue, Esa Lager, Pii Kotilainen, Jarmo Tonteri, Jamie Allan, Kari Parvento.
TRADING PERSONNEL: Tuomas Lehtonen, Riku Raehalme, Reetta Antila.
COMPLIANCE OFFICER: Johanna Isoherranen. COMPANY SECRETARY: Matti
Louhija. ESTABLISHED: 1932. OWNERSHIP: Public company. Associate
Trade Member.
Prysmian Cables & Systems Ltd*
Chickenhall Lane, Bishopstoke, Hants SO50 6YU. TEL: +44 2380 295555.
WEBSITE: www.prysmian.co.uk. Associate Trade Member.
Richmond Commodities Ltd
Runnymede Malthouse, PO Box 234, Egham, Surrey TW20 9WW.
TEL: +44 203 463 0770 FAX: +44 203 463 0771. EMAIL: operations@
richmondcommodities.com. DIRECTORS: Bryce Morrison, Tony Pearson,
Rory Morrison, Martin Pearson-Wiggs, Adam Pearson, Caitlin Horn.
TRADING PERSONNEL: Bryce Morrison, Tony Pearson, Rory Morrison, Glenys
Rebane, Martin Pearson-Wiggs, Adam Pearson, Caitlin Horn. COMPANY
SECRETARY: Martin Pearson-Wiggs. ESTABLISHED: 1995. NON-LME METALS
HANDLED: Platinum, palladium, rhodium, ruthenium and iridium
OTHER MEMBERSHIPS: The London Platinum & Palladium Market. Associate
Trade Member.
Rio Tinto London Ltd
2 Eastbourne Terrace, London W2 6LG. TEL: +44 20 7781 2000. FAX:
+44 20 7781 1800. WEBSITE: www.riotinto.com. DIRECTORS: D.S. Larsen,
B.J.S. Mathews, U. Quellmann. TRADING PERSONNEL: Craig Kinnell.
COMPANY SECRETARY: Matthew Whyte. ESTABLISHED: 1948. OWNERSHIP:
Rio Tinto plc. Associate Trade Member.
Roba Metals BV
Zomerdijk 27-33, 3402 ML IJsselstein, Netherlands. TEL: +31 30 68 60 211.
FAX: +31 30 68 67 556. WEBSITE: www.robametals.com. EMAIL:
recycling@robametals.com. DIRECTORS: P.S. Cohn, J. van den Berg,
G. Soesan. TRADING PERSONNEL: G. Soesan, F. van den Ham, D. Peele.
Compliance Officer: I. Sapir. Company Secretary: I. Sapir. ESTABLISHED:
1937. OWNERSHIP: Private. SUBSIDIARIES: KBM Master Alloys BV, Affilips NV,
34 | LME | October 2011
KBM Affilips BV, Roba Metals Ltd, RMD BV. NON-LME METALS HANDLED:
Master alloys, steel, and stainless steels, aluminium and copper semis
and non-ferrous scrap. Associate Trade Member.
Simportex Ltd
452A Finchley Road, London NW11 8DG. TEL: +44 20 8457 8770. FAX:
+44 20 8457 7484. WEBSITE: www.simportex.com EMAIL: sales@
simportex.com. DIRECTORS: V.N. Singhania, Mrs. G.D. Singhania, A.K.
Singhania. TRADING PERSONNEL: V.N. Singhania, A.K. Singhania. STEEL
PERSONNEL: V.N. Singhania, A.K. Singhania. COMPLIANCE OFFICER: A.K.
Singhania. COMPANY SECRETARY: V.N. Singhania. ESTABLISHED: 1964.
OWNERSHIP: Private. BRANCHES: Mumbai – Tel: +91 22 2752 6570/6924,
Fax: +91 22 2752 6692, Email: simportexmumbai@gmail.com. PLASTICS
OFFICER: V.N. Singhania. WHO SHOULD BE CONTACTED FOR PLASTICS
INFORMATION: V.N. Singhania, A.K. Singhania. Associate Trade Member.
Tangent Trading Ltd
1 Dollis Mews, London N3 1HH. TEL: +44 20 8349 4822. FAX: +44 20 8349
4860. WEBSITE: www.tangenttrading.co.uk. EMAIL: info@
tangenttrading.co.uk. DIRECTORS: Julian Taylor, Darren Leigh, Naushina
Reid. TRADING PERSONNEL: Robert Borland. Company Secretary: Naushina
Reid. ESTABLISHED: 1985. OWNERSHIP: Privately held. ASSOCIATES: Tangent
Trading Corp. NON-LME METALS HANDLED: Non-ferrous scrap and stainless
steel scrap. Associate Trade Member.
Teck Metals Ltd
#1700-11, King Street West, Toronto, ON M5H 4C7, Canada. TEL:
+1 647 788 3000. FAX: +1 647 788 3001. WEBSITE: www.teck.com. EMAIL:
marketing.sales@teck.com. TRADING PERSONNEL: Rob Wilson (metals
trading manager), Robert J. Doyle (concentrate marketing manager).
COMPANY SECRETARY: Karen Dunfee. ESTABLISHED: 1906. OWNERSHIP:
Public. NON-LME METALS HANDLED: Silver, gold, indium, germanium and
cadmium. ADDITIONAL INFORMATION: The head office of Teck Resources Ltd
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.
Total Global Steel Ltd
Dukes House, Dukes Place, London EC3A 7LP. TEL: +44 20 7933 9150
FAX: +44 20 7933 9151. WEBSITE: +44 20 7933 9151. EMAIL:
info@totalglobalsteel.co.uk. DIRECTORS: Martin Lonergan, Paul
O’Doherty, Olga Molokina, Darren Barrows, Raymond Giltrow. TRADING
PERSONNEL: Martin Lonergan, Olga Molokina. COMPLIANCE OFFICER:
Charlotte Lonergan, Sophie Graham. COMPANY SECRETARY: PFC
International Services Ltd. ESTABLISHED: 1999. OWNERSHIP: Private
SUBSIDIARIES: Trans Global Holdings Ltd, Total Global Steel (Sierra Leone)
Ltd, Total Global China (Shanghai) Ltd. ASSOCIATES: Total Global Steel GmbH
Ltd. Associate Trade Member.
Tradition Dubai Ltd
Currency House, Level 2, Unit 3, DIFC, PO Box 506530, Dubai, UAE. TEL:
+971 4 364 1400. WEBSITE: www.tradition.com. DIRECTORS: Golnaz
Parisaei, COMPLIANCE OFFICER: Golnaz Parisaei. Associate Trade Member.
Trimet Aluminium AG
Aluminiumallee 1, 45356 Essen, Germany. TEL: +49 201 336-0. FAX:
+49 201 366-833. WEBSITE: www.trimet.de. EMAIL: trade@trimet.de.
DIRECTORS: Ilias Papadopoulos, Heinz Walter, Mathias Steffen. TRADING
PERSONNEL: Ilias Papadopoulos, Heinz Walter, Mathias Steffen, Christian
Berrens, Markus Plettau, Max Lingemann, Sascha Ewert, Jan Petkov.
OWNERSHIP: Heinz-Peter Schlüter. SUBSIDIARIES: Trimet Italy; Trimet
Berlin. ASSOCIATES: VDM. Associate Trade Member.
LME
LME2011
2011
Other associate members

Vale Inco*
200 Bay Street, Royal Bank Plaza, Toronto, ON M5J 2K2, Canada. POSTAL
ADDRESS: Suite 1600, South Tower, PO Box 70, Toronto, ON, Canada.
TEL: +1 416 361 7511. FAX: +1 416 361 7781. WEBSITE: nickel.vale.com.
EMAIL: valebasemetals@vale.com. OWNERSHIP: Vale. PRINCIPAL
OPERATIONS: Sudbury, ON; Thompson, MB; Newfoundland and Labrador;
PT Inco, Sulawesi, Indonesia (58.7%); Vale Japan Limited, Tokyo, Japan
(76%). REFINING OPERATIONS: Clydach, Wales; Acton, UK; Taiwan Nickel
Refining Corporation (TNRC), Taiwan (49.9%); Korea Nickel Corporation
(KNC), South Korea (25%); Vale Inco New Nickel Materials (Dalian) Co., Ltd.,
Dalian, China (98.27%); Port Colborne Refinery, Ontario, Canada. OTHER:
Vale Nouvelle-Caledonie SAS (74%). Associate Trade Member.
Wilhelm Grillo Handelsgesellschaft mbH
Am Grillopark 5, 47169 Duisburg, Germany. TEL: +49 203 4066 0.
FAX: +49 203 4066 101. WEBSITE: www.grillohandel.de. EMAIL:
info@grillohandel.de. DIRECTORS: Mrs G. Grillo (chairman), J. Wegener,
D. Likuski, R. Grillo, H.G. Terbeek, Hans-Dietrich Sens, W. Kessler. TRADING
PERSONNEL: D. Krajewski, M. Schmidt, F. Menzel, E. Janssen. ESTABLISHED:
1919. OWNERSHIP: Herbert Grillo family. SUBSIDIARIES: Grillo Altmetall
GmbH, Duisburg (trading personnel: H. Kondziela, K. Wilde); Wilhelm
Grillo Handelsges. mbH & Co KG, Vienna, Austria; Metallschmelze
Tattendorf GmbH, Tattendorf, Austria. NON-LME METALS HANDLED: Minor
metals, non-ferrous metal scrap, non-ferrous metal residues. Associate
Trade Member.
W J Furse & Co Ltd*
Wilford Road, Nottingham NG2 1EB. TEL: +44 115 964 3700. FAX:
+44 115 986 0538. WEBSITE: www.furse.com. Associate Trade Member.
Wogen Resources Ltd
4 The Sanctuary, Westminster, London SW1P 3JS. TEL: +44 20 7222 2171.
FAX: +44 20 7222 5862. WEBSITE: www.wogen.com. EMAIL: wogen@
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
PERSONNEL: D. de Brouwer, D.A. Brousse, S.J. Frigot, D.M. Hunter, A.J. Kerr,
R.J. Sabberton, R.C. Wallace, A.A. Williams, W.E. Ruhomon, Laura
Greenhalgh, Nick Cartwright, Olga Degtyareva. COMPANY SECRETARY:
A.C. Greenwood. ESTABLISHED: 1972. OWNERSHIP: Sanctuary Partners Ltd.
SUBSIDIARIES: Wogen Resources South Africa (Pty) Ltd. ASSOCIATES: Wogen
Metal Commercial (Shanghai) Ltd; Wogen Pacific Ltd; Wogen do Brasil Ltda.
NON-LME METALS HANDLED: Minor metals, PGMs, ferro-alloys, electronic
metals, light metals, mineral sands, rare earths and ores and
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

Noble Alloys: FeV, MoO3, FeMo, FeB
Minor & Other Metals: Co, Cd, Ga, In, Sn, Ta

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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
Sir Brian Bender KCB (Chairman), Martin Abbott, Stephen Branton-Speak,
Catherine Claydon, Jim Coupland, Gabriela Grillo, Richard Laing, James
Land, M. Lockwood, Michael Overlander, Gavin Prentice, Fabian
Somerville-Cotton
LME Holdings Ltd Board of Directors
Sir Brian Bender KCB (chairman), Martin Abbott, Stephen Branton-Speak,
Jim Coupland, Gabriela Grillo, Noel Harwerth, James Land, Nat le Roux,
Michael Overlander, Gavin Prentice, David Rough, Fabian Somerville-Cotton
Chief Executive’s Office
Martin Abbott (chief executive), Georgina Dowler (PA to chief
executive/chairman)
Commercial
Chris Evans (head of business development), Glen Chalkley (deputy head of
business development), Rachel Lees (analytics), Catherine Markey (head of
education and marketing), Robert Fig (education), Colin Griffith (precious
metals), Jonas Ahrell (marketing manager), Chloe Goldman (assistant to
Catherine Markey & Chris Evans), Leticia Tovar (education), Javier Martin
(education), Claire Hobday (events), Miriam Heywood (press officer),
Robert Sheldon (steel), Louise Carson, David Crawford, Shelley Morpeth,
Eric Taarland (marketing), Abraham Orchard, Katerina Bairaktari (website)
Compliance
Diarmuid O’Hegarty, Fiona Galvin, Baldev Bilkhu, Mark Bradley, James
Collier, Gillian Hampson, Peter Harlow, Tom Hine, James Muse, James
Oldham, Chris Ramsden, Yana Richardson, Joanna Stuart, Mark Williams
Facilities
Monique Maughan, Tracy Doye, Sue Allen, Donna Coombes, Chris
Marchant, Terri Payne, Jackie Stump, Stephen Webb, Ken Chumber,
Lee Walker
Finance
Philip Needham, Annmarie Norris, Marcos Castro, Hannah Cavender,
Kelly Nisbet
Human Resources
Helen Davies, Amy Barker
Information Technology
Nicholas Betts, Debbie Birks, Andy Bishop, Sam Bohane, Rachel Bowditch,
Nigel Brooks, Luke Barfield, Tomas Bystrom, Steve Cooper, Darren Corneau,
Simon Davies, Robert Fielding, Sim Gray, Nicholas Goodey, Jayes Halai,
Steve Halfacre, Gavin Jackson, Abhinav Jain, James Lawrence, James Milne,
Peter Moffat, Stephen Prentice, Roxanne Price, Karthik Ramaraj,
Mahammed Shaik, Michael Sharp, Jaranjit (Sharon) Thethi, Angela
Thompson, Sukhdeep Virdee, Usha Ravi, Richard Stuart, Nigel Owens, Colin
Thornton, Kola Akinwande, Kirby Alexander, Ali Asgur, Shane Baker, Henk
Botha, Tony Bourne, Gary Booth, Roger Brownjohn, Anil Chumber, Andrew
Clanfield, James Cooper, Craig Delves, Sean Duffy, Simon Firth, Douglas
Furlong, Renuka Ghogle, Ian Hersey, Kieran Hoban, Manoj Jain, Adrian
Jenkinson, Faisal Khan, Matthew Klemesrud, Michalis Kongtongk, Kyriacos
Kyriacou, Marianne Kremiec, James Mather, Jeannie Miller, Roy Morris,
Roxanne Price, Kuljinder Rai, Chris Rolison, Shane Rozasty,
36 | LME | October 2011
Paul Sadler, Abdul Sait, Ian Scott, Rob Seymour, Tony Sims, David Spencer-
Nixon, Philip Tagg, Nicholas Thomas, Mark Westbrook, Chris Wright,
Hamazassp Asaturyan, Jayati Bosep, Paul Buckle, Paddy Byrne, Tom Habibi,
Gary Hood, Sumit Jain, Nigel Knight, Sarah Maris, Neal Pearce, Sabbareesh
Ramesh, Lee Rolley, Stephen Weeks, Simon Worrall
Systems Operations
David Abrahams, Kieran Bell, Rajan Bhari, Rishi Bhari,
Laura Bradshaw, Suky Chima, David Coolegem, Gemma Edwards,
Fola Egbeyemi, Lee Gibbins, Christine Green, Jay Hector, Deborah Jarvis,
Kate Joseph, James MacDonald, Rhiannon Needham, Michelle Page,
Melissa Suwarso, Janice White, Andrew Williams
Singapore
Liz Milan (managing director, LME Asia), William Chin, Amy Koh
Market data
Emily Chen, Parin Jokhia, Lauren Temple, Caroline Porter
Market Operations
Richard Booth, Sammie-Jo Doherty, Hayley Druce, James Hepting,
Katrina Jakubowski, Kiran Kaur, Funmi Kuton, David Laffar, Daniel McNeill
Operations
Robert Hall, Mike Cotterill, Susan Donovan, Alan Jeffery, Laura Johnson,
John Kealey, Hilary Pepperman, Elizabeth Tompkins
Technology
Michael Warren, Kevin Watson
Individual Members
P D Crabbe, E J C Album MA FCIArb FCT, D Jackman, D N Littlestone, S Martin,
N G Lion, M R Cotterill, M Kawamura, S N Payton, S Shibuya, M Wells (Ms),
C A Griffith
Honorary Members
The Lord Bagri CBE, D H Brydon CBE, K C Davies, M J C Linington, D E King,
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
Executive Committee
Martin Abbott (Chief Executive), Diarmuid O’Hegarty (Deputy Chief
Executive), Tom Hine (General Counsel & Head of Enforcement), Liz Milan
(Managing Director, LME Asia), Michael Warren (Chief Technology Officer),
Andrew Williams (Director, Systems Operations), Philip Needham (Director
of Finance and Company Secretary)
Aluminium Committee
Gavin Prentice (Chair), Martin Abbott (Vice chair), Gary Borner, Holger
Ellmann, Rohan Khurana, Jean Marchand, Nicholas Martin, Kevin Moore,
Michael Parker, Frans Pettinga, Waltraud Woehrer, Yang Xiao Wu,
Wolfgang Zwingenberger, Hilary Pepperman (Secretary)
Cobalt Committee
Martin Abbott (Chair), Matthew Ashley, Gordon Buchanan, Guy Darby,
Nigel Dentoom, David Gaddes, Steve Lawson, Tony Southgate, Deborah
Stott, Martin Vydra, Wayde Yeoman, Hilary Pepperman (Secretary)
 LME 2011
Boards, committees and staff
Copper Committee
Christian Schirmeister (Chair), Neil Bootman, Gonzalo Cuadra, Frédéric
Gloppe, Thomas Goeda, Liangmin Gu, Stephen Higgins, Kazumasa Hori,
David Lilley, Michael Lockwood, Sven Mueller-Thurau, Hilary Pepperman
(Secretary)
Lead and Zinc Committee
John Crofts (Chair), Hans D. Sens (Vice chair), Olivier Brouet, Cersten Buro,
Antoine Carassus, Lutz Kieselbach, Javier Suarez, Theodoor van Beers,
Jeremy Woolridge, Yong Zhao, Hilary Pepperman (Secretary)
Molybdenum Committee
Martin Abbott (Chair), Jorge Cristi, Gonzalo Cuadra, Gregoire de Beco,
Matthew Forgham, Erik Hedström, Andreas Keller, Danny Padwick,
Andrew Silver, Deborah Stott, Hilary Pepperman (Secretary)
Nickel Committee
Gavin Prentice (Chair), John Smillie (Vice chair), Klaus Basse, Paul
Desportes, Keith Dunleavy, David Gaddes, Fernando Gutierrez, Peter
Koken, Yuji Kubo, Carl Landuydt, Erik Noren, Steve Reece,
Rinie van Iwaarden, Nick Williams, Michael Wright, Hilary Pepperman
(Secretary)
Steel Committee
Jim Coupland (Chair), Martin Abbott (Vice chair), Swen Bornholdt, Ugur
Dalbeler, Peter Faulkner, Jean Luc Fiorenzoni, Neil Fitzpatrick, Jeff Kabel,
Ray Key, Shon Loth, Mark Lyons, Liz Milan, Ibrahim Ulusal, Tim Wilson,
Butch Zeederberg, Hilary Pepperman (Secretary)
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Liz Milan (Chair), Dato’ Seri Dr Mohd Ajib Anuar, George Donoghue, Inge
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Hilary Pepperman (Secretary)
Ring Dealers Committee
Peter Childs (Chair), Peter Burnett, Nick Fellowes, Mark Hicks, Geoffrey
Ison, Malcolm Leonard, Stuart Neville, Steve Pettitt, Lee Pridie, Gavin
Rankine, Patrick Seymour, Andy Vale, Martin Woodall, Katrina Jakubowski
(Secretary)
Traded Options Committee
Ben Green (Chair), Martin Abbott (Vice chair), Daniel Banks, Ronan
Donohoe, Jamie Grace, Marek Lacko, Iain Macrae, Martin Thompson,
Simon Underhill, Joanna Stuart (Secretary)
Trading Committee
Michael Overlander (Chair), Peter Allan, Neil Clift, Nick Fellowes, Barry
Gershon, Ben Green, Jeremy Jevons, Malcolm Leonard, Iain Macrae, Frans
Pettinga, Martin Pratt, Fabian Somerville-Cotton, Andy Vale, Glen Chalkley
(Secretary), Peter Childs (Secretary)
Warehousing Committee
Fabian Somerville-Cotton (Chair), Miles Linington (Vice chair), Gordon
Brown, Gonzalo Cuadra, Mike Dudley, Sergio Garbin, Graham Hawkins,
Chris Jonker, David Lilley, Shon Loth, Frans Pettinga, Thorleif Schjelderup,
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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)

Bagri, The Hon A., Metdist Trading Ltd, Metdist Ltd
Bagri, Lord, CBE, Metdist Trading Ltd, Metdist Ltd (Honorary Member)
Bailey, M., Jefferies Bache, Ltd
Bailey, Allan, INTL FCStone (Europe) Ltd
Baines, Nigel, J.P. Morgan Securities Ltd
Bairaktari, Katerina (Website)
Baker, Jared, Credit Suisse
Baker, Mike, Euromin SA
Baker, Shane (Information Technology)
Banks, Daniel, Koch Metals Trading Ltd (Traded Options Committee)
Bansal, Shailendra, Gold Matrix Resources Pte Ltd
Barbouttis, Steve, LN Metals International Ltd
Barfield, Luke (Information Technology)
Barker, Phil, ICAP Securities Ltd
Barker, T, Jefferies Bache, Ltd
Barker, Amy (Human Resources)
Brandtzaeg, Svein Richard, Hydro Aluminium AS
Branton-Speak, Stephen, Goldman Sachs International,
LME Ltd Board of Directors, LME Holdings Ltd Board of Directors
Bravo, Rodrigo, Antofagasta Minerals SA
Bridel, Claire, Natixis Commodity Markets Ltd
Brierley, Stephen, INTL FCStone (Europe) Ltd
Brimble, Charles, ADM Investor Services International Ltd
Broeck, Geert Van den, Nyrstar Sales & Marketing AG
Brooks, Nigel (Information Technology)
Brouet, Olivier  (Lead & Zinc Committee)
Broughton, Conor, A & M Group Ltd
Brousse, D.A., Wogen Resources Ltd
Brown, Gordon  (Warehousing Committee)
Browning, James, Newedge
Brownjohn, Roger (Information Technology)
Brydon, D H, CBE (Honorary Member)
Buchanan, Gordon (Cobalt Committee)
Buckle, Paul (Information Technology)

October 2011 | LME | 39

LME 2011
Who’s who
Bungey, J., Amalgamated Metal Trading Ltd
Burnett, Peter, Metdist Trading Ltd (Ring Dealers Committee)
Burns, David, Commerzbank AG London branch
Buro, Cersten (Lead & Zinc Committee)
Burwood-Taylor, Olivia, Royal Bank of Canada Europe Ltd
Butler, Martin, Merrill Lynch International
Butler, Michael, Mitsui Bussan Commodities Ltd
Butler Smith, Paul, Crédit Agricole - Corporate and Investment Bank
Byrne, Paddy (Information Technology)
Bystrom, Tomas (Information Technology)
C
Calamia, Marco, KME Germany AG & Co KG
Callow, Michael, Standard Bank plc
Cambridge, Dave, BGC Brokers International
Caporale, R., Jefferies Bache, Ltd
Capps, Warren, Morgan Stanley & Co International plc
Carassus, Antoine  (Lead & Zinc Committee)
Carozza, Marc, ICAP Securities Ltd
Carroll, Donal, Euromin SA
Carson, Louise (Marketing)
Cartwright, Nick, Wogen Resources Ltd
Castro, Marcos (Finance)
Cavender, Hannah (Finance)
Chaim, Ming, Morgan Stanley & Co International plc
Chalkley, Glen (Deputy Head of Business Development; Secretary,
Trading Committee)
Challis, Julie, Credit Suisse
Chapman, Brian, Mitsui Bussan Commodities Ltd
Chatterton, Simon, BGC Brokers International
Chazal, Gwenael, Toyota Tsusho Metals Ltd
Chen, Y., Amalgamated Metal Trading Ltd
Chen, Emily (Market Data)
Cheyney, Alex, ICAP Securities Ltd
Childs, Peter  (Ring Dealers Committee, Trading Committee)
Chima, Suky (Systems Operations)
Chin, William (Singapore)
Chumber, Ken (Facilities)
Chumber, Anil (Information Technology)
Chupin, Arnaud, Crédit Agricole - Corporate and Investment Bank
Clanfield, Andrew (Information Technology)
Claydon, Catherine, LME Ltd Board of Directors
Clegg, Alan, J.P. Morgan Securities Ltd
Clift, Neil, J.P. Morgan Securities Ltd (Trading Committee)
Coghill, Tom, Standard Chartered Bank
Cohn, P.S., Roba Metals BV
Coles, Stephen, Triland Metals Ltd
Collier, James (Compliance)
Combes, François, Société Générale
Constantinides, Mark, ED & F Man Commodity Advisers Ltd
Coolegem, David (Systems Operations)
Coomber, M., Jefferies Bache, Ltd
Coombes, Donna (Facilities)
Cooper, James (Information Technology)
Cooper, Steve (Information Technology)
Corcos, E.D., Amalgamated Metal Trading Ltd
Corneau, Darren (Information Technology)
Corrado, Vincenzo, Citigroup Global Markets Ltd
Cotterill, Mike (Operations)
Cotterill, M R (Individual Member)
Coupland, Jim, Standard Bank plc, LME Ltd Board of Directors,
40 | LME | October 2011
LME Holdings Ltd Board of Directors (Chair, Steel Committee)
Cox, Stella, DD&Co Ltd
Crabbe, P D (Individual Member)
Crawford, David (Marketing)
Cristi, Jorge  (Molybdenum Committee)
Crocker, A., Lonconex Ltd
Crofts, John  (Lead & Zinc Committee)
Cross, Benjamin, Morgan Stanley & Co International plc
Cuadra, Gonzalo  (Copper Committee, Molybdenum Committee,
Warehousing Committee)
Culley, M., Metdist Trading Ltd
D
D’Souza, Michael, Merrill Lynch International
Dalbeler, Ugur  (Steel Committee)
Daniel, George, Merrill Lynch International
Darby, Guy, Darton Commodities Ltd (Cobalt Committee)
David, Peter, A & M Group Ltd
Davies, Ashley, ED & F Man Commodity Advisers Ltd
Davies, Dominic, LN Metals International Ltd
Davies, Helen (Human Resources)
Davies, Simon (Information Technology)
Davies, K C (Honorary Member)
Davis, J., Amalgamated Metal Trading Ltd
de Beco, Gregoire  (Molybdenum Committee)
de Brouwer, D., Wogen Resources Ltd
de la Rica, Juan, Indumetal Recycling SA
Degtyareva, Olga, Wogen Resources Ltd
Delves, Craig (Information Technology)
Demler, Fred, MF Global UK Limited
Denison, Nigel, Bank of London and The Middle East
Dennis, John, Crédit Agricole - Corporate and Investment Bank
Dentoom, Nigel, LN Metals International Ltd (Cobalt Committee)
Desportes, Paul  (Nickel Committee)
Diaz, Antonio, MF Global UK Limited
Diecchio, J., Jefferies Bache, Ltd
Ding, Jane, MF Global UK Limited
Do, Pham Thanh, A & M Group Ltd
Dobson, Jason, ICAP Securities Ltd
Docx, Sarah, MF Global UK Limited
Doherty, Sammie-Jo (Market Operations)
Dom, Koenraad, Nyrstar Sales & Marketing AG
Doman, Lester, Toyota Tsusho Metals Ltd
Domisch, C., Jefferies Bache, Ltd
Donoghue, George  (Tin Committee)
Donohoe, Ronan  (Traded Options Committee)
Donovan, Susan (Operations)
Dowler, Georgina (PA to Chief Executive/Chairman)
Downe, Andrew, Macquarie Bank Limited
Doye, Tracy (Facilities)
Doyle, Robert J., Teck Metals Ltd
Drouin, Jerome, Credit Suisse
Drouven, Bernd, Aurubis AG
Druce, Hayley (Market Operations)
Dubernet, Sebastien, UBS Ltd
Dudley, Mike  (Warehousing Committee)
Duffy, Sean (Information Technology)
Dulake, M., Amalgamated Metal Trading Ltd
Dulieu, B., Jefferies Bache, Ltd
Dunfee, Karen, Teck Metals Ltd
Dunleavy, Keith  (Nickel Committee)
 LME 2011
Who’s who
E G
East, Jeremy, Standard Chartered Bank
Ebberberg, Kjetil, Hydro Aluminium AS
Edwards, Gemma (Systems Operations)
Edwards, Nigel, Marex Spectron
Egan, Pauline, Royal Bank of Canada Europe Ltd
Egbeyemi, Fola (Systems Operations)
Eigner, Heinz, Nyrstar Sales & Marketing AG
Eisner, E., Jefferies Bache, Ltd
Eld, Daniel, Koch Metals Trading Ltd
Ellmann, Holger (Aluminium Committee)
Emara, Sam, ICAP Securities Ltd
Ervasti, John, Scotiabank Europe plc
Evans, S., Jefferies Bache, Ltd
Evans, Chris (Head of Business Development)
Everett, Robert, Merrill Lynch International
Every, Tony, LN Metals International Ltd
Ewart, Alan, A & M Group Ltd
Ewert, Sascha, Trimet Aluminium AG
Exley, J., Metdist Trading Ltd
F Graham, Paul, Sucden Financial Ltd
Fairweather, James, ABN Amro Clearing Bank NV, London Branch
Farman, Oliver, Koch Metals Trading Ltd
Fatemi, Berouz, Credit Suisse
Faulkner, Peter, Standard Bank plc (Steel Committee)
Faulks, Dianne, Jefferies Bache, Ltd
Faust, Erwin, Aurubis AG
Favillier, P. A., Jefferies Bache, Ltd
Favre, Roland, Euromin SA
Feitel, Charlie, Morgan Stanley & Co International plc
Fellowes, Nick, Amalgamated Metal Trading Ltd (Ring Dealers
Committee, Trading Committee)
Fielding, Robert (Information Technology)
Fig, Robert (Education)
Fiorenzoni, Jean Luc (Steel Committee)
Firth, Simon (Information Technology)
Fitzgerald, A., Amalgamated Metal Trading Ltd
Fitzpatrick, Neil  (Steel Committee)
Flowerday, David, Citigroup Global Markets Ltd
Forgham, Matthew  (Molybdenum Committee)
Foster, Andrew, Royal Bank of Canada Europe Ltd
Foster, Mark, Citigroup Global Markets Ltd
Foster, I E J (Honorary Member)
Fowler, Darren, ADM Investor Services International Ltd
Fox-Andrews, Mark, ADM Investor Services International Ltd
Foxley, Andrew, Newedge
France, Matthew, Morgan Stanley & Co International plc
Fransen, David, Euromin SA
Freeman, Malcolm, INTL FCStone (Europe) Ltd
Freitas, Hector, UBS Ltd
Frigot, S.J., Wogen Resources Ltd
Fu, R., Jefferies Bache, Ltd
Fujihara, Takeo, Toyota Tsusho Metals Ltd
Fujiwara, Yasuhiro, Merrill Lynch International
Fukukusa, Janice, Royal Bank of Canada Europe Ltd
Furlong, Douglas (Information Technology)
Gaddes, David  (Cobalt Committee, Nickel Committee)
Galvin, Fiona (Compliance)
Garbin, Sergio  (Warehousing Committee)
Garner, Bruce, Standard Bank plc
Garré, Riccardo, KME Germany AG & Co KG
Gee, R D (Honorary Member)
Gelber, David, DD&Co Ltd
Gerard, Jean-Sebastien, Euromin SA
Gerbens, Andries, Darton Commodities Ltd
Gershon, Barry, Jefferies Bache, Ltd (Trading Committee)
Ghogle, Renuka (Information Technology)
Gibbins, A., Jefferies Bache, Ltd
Gibbins, Lee (Systems Operations)
Giltrow, Raymond, Total Global Steel Ltd
Gloppe, Frédéric  (Copper Committee)
Goeda, Thomas, KME Germany AG & Co KG (Copper Committee)
Goldman, Chloe (Assistant)
Gooch, Andy, Natixis Commodity Markets Ltd
Goodey, Nicholas (Information Technology)
Goodger, Steve, BGC Brokers International
Grace, Jamie, Standard Chartered Bank (Traded Options Committee)
Graham, Sophie, Total Global Steel Ltd
Gray, Sim (Information Technology)
Green, Christine (Systems Operations)
Green, Ben  (Traded Options Committee, Trading Committee)
Green, C J B (Honorary Member)
Greenhalgh, Laura, Wogen Resources Ltd
Greenslade, John, Royal Bank of Canada Europe Ltd
Greenwood, A.C., Wogen Resources Ltd
Grenfell, Simon, Deutsche Bank AG
Griffin, M., Amalgamated Metal Trading Ltd
Griffith, Colin (Education and Marketing)
Griffith, C A (Individual Member)
Grigg, Louise, DD&Co Ltd
Grillo, Gabriela, Wilhelm Grillo Handelsgesellschaft mbH,
LME Ltd Board of Directors, LME Holdings Ltd Board of Directors
Grillo, R., Wilhelm Grillo Handelsgesellschaft mbH
Grinham, Peter, INTL FCStone (Europe) Ltd
Groves, Shaun, Merrill Lynch International
Grunsfeld, Christopher, Morgan Stanley & Co International plc
Gu, Liangmin (Copper Committee)
Gutierrez, Fernando  (Nickel Committee)
H
Habibi, Tom (Information Technology)
Hainsworth, Sam, J.P. Morgan Securities Ltd
Hajdukiewicz, Richard, Deutsche Bank AG
Halai, Jayes (Information Technology)
Halfacre, Steve (Information Technology)
Hall, Robert (Operations)
Hamblin, Mark, BGC Brokers International
Hameister, Tilman, BGC Brokers International
Hampson, Gillian (Compliance)
Hardy, Nicola, Jefferies Bache, Ltd
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)
Hayer, Jasmin, INTL FCStone (Europe) Ltd
Heale, S J N (Honorary Member)
Heath, Alex, INTL FCStone (Europe) Ltd
Hector, Jay (Systems Operations)
Hedström, Erik  (Molybdenum Committee)
Hemsley, Sally, Mitsui Bussan Commodities Ltd
Hepting, James (Market Operations)
Hepworth, Graeme, Royal Bank of Canada Europe Ltd
Hersey, Ian (Information Technology)
Herzfeld, Charles, A & M Group Ltd
Hetherington, Tracy, ADM Investor Services International Ltd
Heuga, Jean, Société Générale
Heywood, Miriam (Press Officer)
Hicks, Mark (Ring Dealers Committee)
Hickson, Peter, UBS Ltd
Higgins, Stephen  (Copper Committee)
Hine, Tom (Executive Committee, Compliance)
Hirobe, Takashi, Toyota Tsusho Metals Ltd
Hoban, Kieran (Information Technology)
Hobday, Claire (Events)
Hofer, Markus, Alcan Trading Ltd
Hofkens, Inge  (Tin Committee)
Holme, Phillip, Newedge
Holmes, Rick, Mitsui Bussan Commodities Ltd
Holmes, David, Commerzbank AG London branch
Hood, Gary (Information Technology)
Hori, Kazumasa  (Copper Committee)
Horn, Caitlin, Richmond Commodities Ltd
Howard, Phil, Barclays Capital
Huger, Philip, Crédit Agricole - Corporate and Investment Bank
Hughes, Gareth, ICAP Securities Ltd
Hughes, Mark, Royal Bank of Canada Europe Ltd
Hung, Aaron, ICAP Securities Ltd
Hunter, D.M., Wogen Resources Ltd
Hussey, M.J., Amalgamated Metal Trading Ltd
I Khurana, Rohan (Aluminium Committee)
Ingman, Ari, Aurubis AG
Isoherranen, Johanna, Outokumpu Oyj
Ison, Geoffrey, Sucden Financial Ltd (Ring Dealers Committee)
J Klemesrud, Matthew (Information Technology)
Jackman, D (Individual Member)
Jackson, Gavin (Information Technology)
Jacobsen, Jens, Aurubis AG
Jain, Manoj (Information Technology)
Jain, Sumit (Information Technology)
Jain, Abhinav (Information Technology)
Jakubowski, Katrina (Ring Dealers Committee, Market
Operations)
James, Robert, Sucden Financial Ltd
Janes, Chris, J.P. Morgan Securities Ltd
Jansen, Michael, J.P. Morgan Securities Ltd
Janssen, E., Wilhelm Grillo Handelsgesellschaft mbH
Jara, Ramon, Antofagasta Minerals SA
Jarvis, Deborah (Systems Operations)
Jeffery, Alan (Operations)
42 | LME | October 2011
Jelf, Graham, Standard Chartered Bank
Jenkinson, Adrian (Information Technology)
Jevons, M., Jefferies Bache, Ltd
Jevons, Jeremy  (Trading Committee)
Johnson, Laura (Operations)
Jokhia, Parin (Market Data)
Jones, Roger, Barclays Capital
Jongmans, Marcel, ABN Amro Clearing Bank NV, London Branch
Jonker, Chris  (Warehousing Committee)
Jooma, Nash, Commerzbank AG London branch
Jordan, Hugo, Antofagasta Minerals SA
Joseph, John, Gold Matrix Resources Pte Ltd
Joseph, Kate (Systems Operations)
Juneja, Amit, J.P. Morgan Securities Ltd
K
Ka, Tonny, J.P. Morgan Securities Ltd
Kabel, Jeff, J.P. Morgan Securities Ltd (Steel Committee)
Kaitue, Karri, Outokumpu Oyj
Kakoulli, Dino, Royal Bank of Canada Europe Ltd
Katesmark, Steve, Credit Suisse
Kaur, Kiran (Market Operations)
Kawamura, M (Individual Member)
Kay, Jason, Merrill Lynch International
Kealey, John (Warehousing Committee, Operations)
Keki, Sinan, Bank of London and The Middle East
Keller, Andreas (Molybdenum Committee)
Kelly, Declan, DD&Co Ltd
Kelly, James, Crédit Agricole - Corporate and Investment Bank
Kemp, Jerome, Citigroup Global Markets Ltd
Kerr, A.J., Wogen Resources Ltd
Kessler, W., Wilhelm Grillo Handelsgesellschaft mbH
Ketley, Adam, Newedge
Key, Raymond, Deutsche Bank AG (Steel Committee)
Khan, Faisal (Information Technology)
Kho, Vincent (Tin Committee)
Khursheed, Nadeem, Citigroup Global Markets Ltd
Kieselbach, Lutz  (Lead & Zinc Committee)
King, John, Koch Metals Trading Ltd
King, D E (Honorary Member)
Kinnell, Craig, Rio Tinto London Ltd
Kirby, G, Jefferies Bache, Ltd
Knight, Nigel (Information Technology)
Kock, Hans-Joachim, Hydro Aluminium AS
Koh, Amy (Singapore)
Koken, Peter  (Nickel Committee)
Kondo, Hideki, Toyota Tsusho Metals Ltd
Kong, Vicki, MF Global UK Limited
Kongtongk, Michalis (Information Technology)
Koppel, Lanie, Sucden Financial Ltd
Kotilainen, Pii, Outokumpu Oyj
Kozu, Kazunori, J.P. Morgan Securities Ltd
Krag, Stephen, Royal Bank of Canada Europe Ltd
Krajewski, D., Wilhelm Grillo Handelsgesellschaft mbH
Kremiec, Marianne (Information Technology)
Kubo, Yuji  (Nickel Committee)
Kuton, Funmi (Market Operations)
Kyriacou, Kyriacos (Information Technology)
 LME 2011
Who’s who
L Malik, Neyar S., Bank of London and The Middle East
Lacko, Marek  (Traded Options Committee)
Laffar, David (Market Operations)
Lager, Esa, Outokumpu Oyj
Laing, Richard, LME Ltd Board of Directors
Lakhan, Harnik, Merrill Lynch International
Lan, L., Amalgamated Metal Trading Ltd
Land, J.W., Amalgamated Metal Trading Ltd
Land, James, LME Ltd Board of Directors, LME Holdings Ltd Board
of Directors
Landuydt, Carl  (Nickel Committee)
Lannegrace, Xavier, Société Générale
Larke, David, Mitsui Bussan Commodities Ltd
Larsen, D.S., Rio Tinto London Ltd
Laurie, Danielle, Newedge
Lawrence, James (Information Technology)
Lawson, S., Amalgamated Metal Trading Ltd
Lawson, Steve  (Cobalt Committee)
Layton-McCann, Keryn, Morgan Stanley & Co International plc
Le Clercq, Vincent, Crédit Agricole - Corporate and Investment Bank
Lee, Chris, ABN Amro Clearing Bank NV, London Branch
Lees, Rachel (Analytics)
Leeuw, Maarten de, Nyrstar Sales & Marketing AG
Lehtonen, Tuomas, Outokumpu Oyj
Leigh, Darren, Tangent Trading Ltd
Lennon, Justin, Mitsui Bussan Commodities Ltd
Leonard, Malcolm, MF Global UK Limited (Ring Dealers Committee,
Trading Committee)
Leong, Dennis, Macquarie Bank Limited
Le Roux, Nat, LME Holdings Ltd Board of Directors
Leung, R., Jefferies Bache, Ltd
Levy, David, Citigroup Global Markets Ltd
Li, Sammi, ICAP Securities Ltd
Lietaer, Virginie, Nyrstar Sales & Marketing AG
Likuski, D., Wilhelm Grillo Handelsgesellschaft mbH
Lilley, David (Copper Committee, Warehousing Committee)
Lim, Cheng Fie, A & M Group Ltd
Lim, Jesse Jnr, A & M Group Ltd
Lingemann, Max, Trimet Aluminium AG
Linington, Miles (Warehousing Committee)
Linington, M J C (Honorary Member)
Lion, N G (Individual Member)
Little, Roger, ABN Amro Clearing Bank NV, London Branch
Littlestone, D N (Individual Member)
Lloyd, Jane, Scotiabank Europe plc
Lockwood, M., LME Ltd Board of Directors
Lockwood, Michael  (Copper Committee)
Lonergan, Charlotte, Total Global Steel Ltd
Lonergan, Martin, Total Global Steel Ltd
Loth, Shon  (Steel Committee, Warehousing Committee)
Louhija, Matti, Outokumpu Oyj
Lowe, Steve, Scotiabank Europe plc
Luksic, Jean-Paul, Antofagasta Minerals SA
Lynch, Mark J., Bank of London and The Middle East
Lynn, Daniel, J.P. Morgan Securities Ltd
Lyons, Mark (Steel Committee)
M Mueller, Reinhard, MFC Commodities GmbH
MacDonald, James (Systems Operations)
Macrae, Iain  (Traded Options Committee, Trading Committee)
Malhotra, A., Jefferies Bache, Ltd
Mann, Laurence, Merrill Lynch International
Mansell, Alistair, Credit Suisse
Marchand, Jean (Aluminium Committee)
Marchant, Chris (Facilities)
Marijuán-Requeta, Indumetal Recycling SA
Maris, Sarah (Information Technology)
Markey, Catherine (Head of Education and Marketing)
Marney, Paul, Toyota Tsusho Metals Ltd
Martin, Javier (Education)
Martin, Nicholas  (Aluminium Committee)
Martin, S (Individual Member)
Martin, Alderman Sir Clive, OBE, TD (Honorary Member)
Mason, Jon, BGC Brokers International
Mather, James (Information Technology)
Mathews, B.J.S., Rio Tinto London Ltd
Maughan, Monique (Facilities)
Mawer, Stephen, Koch Metals Trading Ltd
McCann, A., Metdist Trading Ltd
McGregor, Doug, Royal Bank of Canada Europe Ltd
McIntire, Rick, UBS Ltd
McIntyre, E., Jefferies Bache, Ltd
McKiernan, D., Jefferies Bache, Ltd
McMullan, Robert, Mitsui Bussan Commodities Ltd
McNeill, Daniel (Market Operations)
McQuillan, Michael, Newedge
Meier, Patrick, Royal Bank of Canada Europe Ltd
Meir, Ed, MF Global UK Limited
Menéndez, Gonzalo, Antofagasta Minerals SA
Menzel, F., Wilhelm Grillo Handelsgesellschaft mbH
Michaelsen, Henning, Aurubis AG
Michalska, M., Amalgamated Metal Trading Ltd
Michie, H., Amalgamated Metal Trading Ltd
Mikula, Stefan, MFC Commodities GmbH
Milan, Liz (Managing Director, LME Asia; Executive
Committee, Steel Committee, Tin Committee)
Miller, Jeannie (Information Technology)
Milne, James (Information Technology)
Miniati, Marco, KME Germany AG & Co KG
Miyamoto, Sam, Mitsui Bussan Commodities Ltd
Moffat, Peter (Information Technology)
Moffett, James R., Freeport-McMoRan Copper & Gold Inc
Molokina, Olga, Total Global Steel Ltd
Montag, Tom, Merrill Lynch International
Montelatici, Laura, KME Germany AG & Co KG
Montrose, P.A., Amalgamated Metal Trading Ltd
Moody, Ross, Merrill Lynch International
Moore, Kevin  (Aluminium Committee)
Morgan, Dylan, UBS Ltd
Morgan, Sabine, Aurubis AG
Morley, Michael, Nyrstar Sales & Marketing AG
Morpeth, Shelley (Marketing)
Morris, Roy (Information Technology)
Morrison, Bryce, Richmond Commodities Ltd
Morrison, Rory, Richmond Commodities Ltd
Moss, Arvid, Hydro Aluminium AS
Moulds, Jonathan, Merrill Lynch International
Mount, Elliot, Mitsui Bussan Commodities Ltd
Mueller-Thurau, Sven, Aurubis AG  (Copper Committee)
Murciano, Yann, Morgan Stanley & Co International plc
Murphy, John, Mizuho Securities USA Inc
Murray, Peter, Mitsui Bussan Commodities 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)

O’Brien, Gary, ABN Amro Clearing Bank NV, London Branch
O’Doherty, Paul, Total Global Steel Ltd
O’Hegarty, Diarmuid (Deputy Chief Executive, Executive
Committee, Compliance)
O’Sullivan, Michael, Toyota Tsusho Metals Ltd
Okazaki, Hiroshi, Triland Metals Ltd
Oldham, James (Compliance)
Oliver, Lawrence, DD&Co Ltd
Ollada, Jeff, Mizuho Securities USA Inc
Olmstead, Christopher, Société Générale
Ong, T.K., Morgan Stanley & Co International plc
Orchard, Abraham (Website)
Overlander, Michael, Sucden Financial Ltd, LME Ltd Board of Directors,
LME Holdings Ltd Board of Directors (Trading Committee)
Owens, Nigel (Information Technology)
Oxley, Ian, Société Générale
Prentice, Stephen (Information Technology)
Prentice, Gavin, Marex Spectron (LME Ltd Board of Directors, LME Holdings
Ltd Board of Directors, Aluminium Committee, Nickel Committee)
Price, Tom, UBS Ltd
Price, Roxanne (Information Technology)
Pridie, Lee  (Ring Dealers Committee)
Prins, Michiel, Koch Metals Trading Ltd
Purewal, Gurjit, Scotiabank Europe plc
Q
Quellmann, U., Rio Tinto London Ltd
Quirk, Kathleen L., Freeport-McMoRan Copper & Gold Inc
R
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
Remoundos, Thibaut, Morgan Stanley & Co International plc
Rhodes, Kevin, LN Metals International Ltd
Richardson, Yana (Compliance)
Roberts, John, Royal Bank of Canada Europe Ltd
Roberts, Kevin, J.P. Morgan Securities Ltd
Robles, Hector, Mizuho Securities USA Inc
Rodkin, Nikolay, MFC Commodities GmbH
Rolison, Chris (Information Technology)
Rolley, Lee (Information Technology)
Romano, Italo, KME Germany AG & Co KG
Romano, Milena, KME Germany AG & Co KG
Rosenthal, Richard, Morgan Stanley & Co International plc
Rothwell, Neil, Crédit Agricole - Corporate and Investment Bank
Rotjer, Tom, Hydro Aluminium AS
Rough, David, LME Holdings Ltd Board of Directors
Rowan, G.C.L., Amalgamated Metal Trading Ltd
Rozasty, Shane (Information Technology)
Ruhomon, W.E., Wogen Resources Ltd
Russell, Graeme, Morgan Stanley & Co International plc
Ryu, Sheena, J.P. Morgan Securities Ltd
S Standish, Mark, Royal Bank of Canada Europe Ltd
Sabberton, R.J., Wogen Resources Ltd
Sadler, Paul (Information Technology)
Saiman, P.M., Lonconex Ltd
Sait, Abdul (Information Technology)
Sampson, J., DD&Co Ltd
Samuel, Harry, Royal Bank of Canada Europe Ltd
Sanchez, Gonzalo, Antofagasta Minerals SA
Sandhu, Amrik, Morgan Stanley & Co International plc
Sangster, Gordon, Merrill Lynch International
Santos, Marta, Newedge
Sapir, I., Roba Metals BV
Sayers, Steve, Triland Metals Ltd
Scarlett, Marcus, Marex Spectron
Schafer, Michele, KME Germany AG & Co KG
Schirmeister, Christian, J.P. Morgan Securities Ltd
(Copper Committee)
Schjelderup, Thorleif  (Warehousing Committee)
Schluter, Peter, Koch Metals Trading Ltd
Schmidt, Herwig, Triland Metals Ltd
Schmidt, M., Wilhelm Grillo Handelsgesellschaft mbH
Schonfeld, Michael, LN Metals International Ltd
Scott, Ian (Information Technology)
Seitovirta, Mika, Outokumpu Oyj
Seldman, Ariel, Morgan Stanley & Co International plc
Sellars, Peter, J.P. Morgan Securities Ltd
Sens, Hans-Dietrich, Wilhelm Grillo Handelsgesellschaft mbH
(Lead & Zinc Committee)
Seymour, Patrick, Marex Spectron (Ring Dealers Committee)
Seymour, Rob (Information Technology)
Shaer, Mark, ADM Investor Services International Ltd
Shaik, Mahammed (Information Technology)
Sharp, Michael (Information Technology)
Sheldon, Robert (Steel)
Sheppard, David, Standard Chartered Bank
Sher, V.H. , Amalgamated Metal Trading Ltd
Sherwin, J.T., Hunter Douglas NV
Shibuya, S (Individual Member)
Shimizu, Mina, A & M Group Ltd
Short, John, Newedge
Silver, Andrew  (Molybdenum Committee)
Sims, Tony (Information Technology)
Singhania, A.K., Simportex Ltd
Singhania, G.D., Simportex Ltd
Singhania, V.N., Simportex Ltd
Sloan, Price, Merrill Lynch International
Smillie, John  (Nickel Committee)
Smith, Brian  (Warehousing Committee)
Smith, D, Metdist Trading Ltd
Smith, Gary, Newedge
Smith, Graeme, Marex Spectron
Smith, Stephen, Newedge
Soesan, G., Roba Metals BV
Somerville-Cotton, Fabian (LME Ltd Board of Directors, LME Holdings Ltd
Board of Directors, Trading Committee, Warehousing Committee)
Sonnenberg, R., Hunter Douglas NV
Southgate, Tony  (Cobalt Committee)
Sparke, Steve, Marex Spectron
Spencer, Michael, DD&Co Ltd
Spencer-Nixon, David (Information Technology)
Spinks, Alan, Toyota Tsusho Metals Ltd
Stanton, Gavin, Koch Metals Trading Ltd
Steffen, Mathias, Trimet Aluminium AG
Steinbauer, Ferdinand, MFC Commodities GmbH
Stewart, Michael, Merrill Lynch International
Stott, Deborah  (Cobalt Committee, Molybdenum Committee)
Stradling, J., Jefferies Bache, Ltd
Stuart, Joanna (Compliance, Traded Options Committee)
Stuart, Richard (Information Technology)
Stump, Jackie (Facilities)
Suarez, Javier  (Lead & Zinc Committee)
Supekar, Nikhil, Gold Matrix Resources Pte Ltd
Sussmes, Adam  (Tin Committee)
Suwarso, Melissa (Systems Operations)
Swain, Rob, Standard Bank plc
Sylvester-John, Jamil, UBS Ltd
T
Taarland, Eric (Marketing)
Tagg, Philip (Information Technology)
Tan, Xiao, Koch Metals Trading Ltd
Taylor, John, ED & F Man Commodity Advisers Ltd
Taylor, Julian, Tangent Trading Ltd
Taylor, Mark, Newedge
Temple, Lauren (Market Data)
Terbeek, H.G., Wilhelm Grillo Handelsgesellschaft mbH
Thethi, Jaranjit (Sharon) (Information Technology)
Thomas, Darren, Macquarie Bank Limited
Thomas, David, Royal Bank of Canada Europe Ltd
Thomas, Nicholas (Information Technology)
Thompson, Angela (Information Technology)
Thompson, Martin  (Traded Options Committee)
Thompson, M.C., Metdist Trading Ltd
Thompson, M.J., Metdist Trading Ltd
Thornton, Colin (Information Technology)
Tompkins, Elizabeth (Operations)
Tonteri, Jarmo, Outokumpu Oyj
Tovar, Leticia (Education)
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

Ulusal, Abe, Mitsui Bussan Commodities Ltd
Ulusal, Ibrahim (Steel Committee)
Undelli, Johhny, Hydro Aluminium AS
Underhill, Simon, Newedge (Traded Options Committee)
Williams, Richard, Bank of London and The Middle East
Wilson, Rob, Teck Metals Ltd
Wilson, Tim, J.P. Morgan Securities Ltd (Steel Committee)
Winkler, Rosalinde, MFC Commodities GmbH
Woehrer, Waltraud  (Aluminium Committee)
Wolff, J P A (Honorary Member)
Wong, Andrew, Koch Metals Trading Ltd

V Woodall, Martin, Natixis Commodity Markets Ltd (Ring Dealers Committee)

Vale, Andrew, Société Générale (Ring Dealers Committee,
Trading Committee)
van Beers, Theodoor  (Lead & Zinc Committee)
van den Berg, J., Roba Metals BV
Van Den Born, Simon, Marex Spectron
van den Ham, F., Roba Metals BV
van der Kam, Rene (Tin Committee)
van Iwaarden, Rinie (Nickel Committee)
Vasiljevic, N., Jefferies Bache, Ltd
Vasquez, Pamela, Antofagasta Minerals SA
Villanueva, Ana, Indumetal Recycling SA
Virdee, Sukhdeep (Information Technology)
Vydra, Martin (Cobalt Committee)
Woodthorpe, K.A., Amalgamated Metal Trading Ltd
Woolley, Steven, ICAP Securities Ltd
Woolridge, Jeremy (Lead & Zinc Committee)
Worrall, Simon (Information Technology)
Wright, Jason, Royal Bank of Canada Europe Ltd
Wright, Chris (Information Technology)
Wright, Michael  (Nickel Committee)
X
Xiao Wu, Yang  (Aluminium Committee)
Xing, Gavin, Deutsche Bank AG

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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