(Bloomberg) -- The London Metal Exchange has pulled the plug on the biggest annual gathering in the metals market, canceling all its own events during October's LME Week because of coronavirus concerns.
From its origins as an annual gathering organized by the LME's golf association, the week-long roster of conferences and cocktail parties has for years marked the traditional start of annual supply negotiations in the metals markets. The LME Dinner attracts more than 1,000 guests, and thousands more descend on London for meetings and side events organized by brokers, banks and trading houses.
While Monday's announcement only applies to the LME's own events, the exchange said it “understands that many organizers will reach the same determination as the LME, and cancel their events for 2020.”
There were already widespread doubts about whether the event would run this year. Even so, the cancellation is a reminder that the industry's path back to normality may be a slow one, even with governments around the world moving to reopen their economies.
The bourse will hold a virtual event in its place and “looks forward to the market coming back together in October 2021,” it said in a statement.
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