LME confirms ring-dealing employee tests positive for Covid-19

The London Metal Exchange confirmed in a written statement on Monday that a ring-dealing member employee has contracted the novel coronavirus (2019-nCoV), further jeopardizing trading activity at its open-outcry trading venue.

“The LME was informed on Sunday that one member of staff of an LME Ring-dealing member has been diagnosed with Covid-19. A number of precautionary measures have been taken, including a deep clean of the trading venue,” an LME spokesperson told Fastmarkets.

Last week, the LME outlined contingency plans to tackle the spread of the novel coronavirus across its key business functions, introducing split-team operations while ensuring its Special Committee holds a broad range of powers to ensure markets remain in order.

In addition to a deep clean, the LME maintained its contingency measures amid recent events, while ensuring that the physical warranting of metal remains viable against the spread of the coronavirus in Europe.

The LME has approximately 500 staff members, the bulk of which operate out of the exchange’s headquarters in London’s Finsbury Square.

“The LME understands from its Ring-dealing members that they wish to continue open-outcry trading from London, and will facilitate this as long as desired and practicable,” the LME spokesperson said, adding, “The LME’s contingency plans include moving Ring trading to Chelmsford in Essex and using electronic pricing.”

In data from Public Health England, the United Kingdom now has a total of 1,391 cases of Covid-19, some 1,099 cases of which are in England, 153 cases in Scotland, 94 in Wales and 45 in Northern Ireland.

Thus far, there have been 35 deaths in the UK relating to the coronavirus.