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Over 96% metal producers' brands meet responsible sourcing policy deadline: LME

Highlights

Physically settled contracts include cobalt, copper, among others

In instances where brands do not comply, they will be delisted

  • Author
  • Filip Warwick
  • Editor
  • Manish Parashar
  • Commodity
  • Metals

More than 96% of the London Metals Exchange-listed brands have complied with a deadline across all physically settled contracts for responsible sourcing policies, the LME said Sept. 1.

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The physically settled contracts include aluminium, aluminium alloy, North American Special Aluminium Alloy Contract, cobalt, copper, lead, nickel, tin and zinc.

"In instances where brands do not comply with the Policy, or choose not to, they will be delisted," the LME said in a statement.

"Brands with significant work outstanding to meet the Policy requirements will be suspended until the work is completed. The exact timing of these actions depends on when the producer of the brand notifies the LME of its decision not to comply, or when the LME concludes that the producer of a brand's efforts are not of a sufficient standard," it said.

In October 2019, the LME published its policy on responsible sourcing of LME-Listed Brands, requiring all of its listed brands to conform with a set of requirements regarding the responsible sourcing of metals.

The exchange said the aims of the policy is to ensure that supply chains of brands traded on the LME respect human rights and do not contribute to conflict financing or corruption.