Triland Metals Ltd has resigned as a Category 1 member of the London Metal Exchange, ending almost 50 years as a ring dealing member of the exchange, the company said in a letter to its customers seen by Fastmarkets.
Company chief executive officer Martin Pratt said in the letter that Triland - a 100%-owned subsidiary of Japanese conglomerate Mitsubishi set up in 1971 to hedge against price movements in the metal markets - has applied to move to become a Category 2 member in the coming weeks.The...