HC Deb 12 April 1976 vol 909 c410W
Mr. Hooley

asked the Secretary of State for Industry if he will seek powers to control or limit speculative dealings in the London Metal Exchange.

Mr. Kaufman

The Government pay very close attention to the development of dealings on the London Metal Exchange, as also on the other commodity markets in London, and I am confident that our monitoring procedures are adequate to prevent abuses. The London Metal Exchange is a world market, which reflects world-wide changes in supply and demand. Pressures on LME prices, which in the case of copper had been particularly depressed, have recently been exceptional: they included the fall in the sterling exchange rate, which automatically raised LME quotations, and a strong flow of orders from industry for restocking.

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