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LME Fines Traders at Dealers for Standing in Open Outcry

The London Metal Exchange, founded more than a century ago, fined almost all of the dealers buying and selling copper on its open-outcry floor a total of 13,750 pounds ($23,480) and suspended one for standing up during a trading session.

Seven traders were fined 1,250 pounds ($2,135) each for breaking a rule that states dealers must remain seated at all times while dealing on the LME floor, known as the ring, the bourse said in a notice dated July 18. Two traders were each given 2,500-pound fines because it was their second offense in three to six months, according to the notice. There were 11 LME floor-trading companies when the rule was broken July 11.