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LME says 96% of brands meet deadline for responsible-sourcing policy

·1-min read
FILE PHOTO: Traders work on the floor of the London Metal Exchange

LONDON (Reuters) - More than 96% of London Metal Exchange (LME) listed brands have met a deadline for its responsible-sourcing policies aimed at rooting out metal tainted by child labour or corruption, the exchange said on Thursday.

The move is a significant step in a three-year campaign by the LME to clean up global supply chains, which marked a shift from the exchange’s traditional role of requiring its suppliers to meet only metallurgical standards.

Under the policy, producers of LME-listed brands had to submit material by June 30 to show how they were implementing the guidelines.

"In instances where brands do not comply with the policy, or choose not to, they will be delisted," the LME said in a statement.

"Brands with significant work outstanding to meet the policy requirements will be suspended until the work is completed."

In 2019, the world's oldest and largest market for industrial metals announced its responsible sourcing requirements.

The policy by the LME, owned by Hong Kong Exchanges and Clearing Ltd, is underpinned by guidelines set by Organisation for Economic Co-operation and Development (OECD).

(Reporting by Eric Onstad; Editing by David Goodman)