All of its official events related to the annual gathering will not happen this year, the exchange said in a notice to members on Monday June 1.
"In the interests of ensuring the safety of all attendees from across the metals industry, the LME has made the difficult decision that none of these events will take place in 2020," LME chief executive Matthew Chamberlain said.
Taking place during October or early November every year, LME Week sees the world's metals industry gather in London. A centerpiece black-tie dinner at the Grosvenor Hotel is the largest of its kind in Europe.
Given its size, as well as the widespread cancellations of major global events and continued restrictions on travel in place to stop the spread of Covid-19, the announcement has not come as a surprise to the industry.
Metals broker Triland will not hold its usual LME Week soirée, Fastmarkets reported last week.
But although official events will not be happening, some market participants have suggested the potential for one-on-one meetings to take place.
"For one year we won’t travel as much as before and we will save our money. You will go on and negotiate your contracts, there are still key meetings with suppliers and customers, but just visiting them in person or done online," one trader who declined to be named said.
"But let's see - it might be a week where people go to London privately and meet," he added.
The LME, which will be hold a virtual forum in October, noted that others may wish to continue with their planned events, although these seem unlikely.
"The exchange confirms that, provided organizers are able to adhere to relevant government or other guidance and safety measures that are expected of such events at that time [as well as the LME Code of Conduct], it has no objections to the continuation of these events under the 'LME Week 2020' banner." it said.
The London Metal Exchange has formally canceled this year's LME Week, which was due to take place in London later this year, "due to the Covid-19 pandemic."