LME aims for China warehouse breakthrough with e-receipt system

London

THE London Metal Exchange will launch a one-year pilot scheme using its electronic system for tracking material stored in China outside its warehouses network, it said, a landmark development in its ambitions for the world's biggest metals consumer.

Metal industry sources have long said that the system known as LMEshield, launched in April this year, could offer a backdoor route into mainland China, where the LME is currently not permitted to register warehouses.