The London Metal Exchange, the world's largest metals marketplace, said it will revert to an older version of its electronic trading system as it seeks to solve technical problems that stopped transactions for two days.
The exchange stopped electronic trading at 8:27 a.m. London time today, LME spokesman Adam Robinson said by telephone. Trading was also suspended yesterday due to the same software- related problem. The exchange still plans to introduce reduced- size futures contracts for copper, aluminum and zinc on Nov. 20.
``We are fully committed to the launch,'' Robinson said. Other LME methods of trade, via telephone and trading floor, aren't affected, the spokesman said.
The LME, which handled $4.5 trillion worth of trades last year, is competing with the New York Mercantile Exchange to offer electronically traded, reduced-size futures for users such as hedge funds. The new LME futures, called LMEminis, will only be traded on the LME's Select electronic system.
The LME is working to get Select up and running for a limited number of member companies today. It will start using the previous version of Select from, which doesn't include a modification for LMEminis trading, ``tonight,'' Robinson said.
Select allows members of the LME to buy and sell commodities electronically before, during and after the exchange's daily open-outcry trading sessions.
The suspension of Select boosted volume on London-based Spectron Group Plc.'s rival system, said Andrew Silver, a trader at Natexis Commodity Markets, in an interview.
The LME isn't alone in facing glitches on its electronic trading system. The Chicago Board of Trade had three computer failures in two months to early October, shutting its system which handles about $180 billion a day in Treasury contracts.
The LME handles trading in seven metals including copper and aluminum as well as two types of plastics.
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