The London Metal Exchange will stop its twice-daily platinum and palladium pricing auctions from mid-next year to focus on its core base metals business. The results of LBMA's platinum and palladium auctions are widely used by the market and industry for contract settlement and trading. The auction process itself also provides a window for improving liquidity for bulk transactions, which helps the smooth progress of large transactions. LME Chief Operating Officer Jamie Turner said in a statement: “Platinum and palladium auctions are no longer our core business, so we believe it is in the best interest of LME and the market to move the pricing function to another platform.”

The London Metal Exchange will stop its twice-daily platinum and palladium pricing auctions from mid-next year to focus on its core base metals business. The results of LBMA's platinum and palladium auctions are widely used by the market and industry for contract settlement and trading. The auction process itself also provides a window for improving liquidity for bulk transactions, which helps the smooth progress of large transactions. LME Chief Operating Officer Jamie Turner said in a statement: “Platinum and palladium auctions are no longer our core business, so we believe it is in the best interest of LME and the market to move the pricing function to another platform.”