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HONG KONG EXCHANGES AND CLEARING LIMITED

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Hong Kong Exchanges and Clearing : Singapore bank DBS starts trading on London Metal Exchange

06/20/2021 | 11:08pm EDT
FILE PHOTO: Traders work on the floor of the London Metal Exchange

(Reuters) - Singapore bank DBS said on Monday it has commenced commodity trading on the London Metal Exchange (LME), as metals prices surge on global economic recovery, after becoming the first bank in Asia to be issued bourse membership registered outside London.

DBS has become one of four current LME Category 4 members, which allows the bank to trade for its own account and on behalf of clients but without a clearing ability.

The climb in metals prices reflects abundant market liquidity, speculative buying and robust demand prospects in the next decade from the booming renewable energy and electric vehicle sectors, both emerging as key metals-consuming sectors.

"Metals are an essential enabler to achieve a sustainable future, and as global demand for the commodity continues to grow exponentially, so will expectations on the industry's sustainability standards," said Tan Su Shan, DBS' Group Head of Institutional Banking.

The 144-year-old LME, owned by Hong Kong Exchanges and Clearing Ltd., is the world's oldest and biggest marketplace for industrial metals and Europe's last open-outcry trading floor.

(Reporting by Mai Nguyen in Hanoi; Editing by Kenneth Maxwell)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DBS GROUP HOLDINGS LTD -0.30% 30.41 End-of-day quote.21.45%
HONG KONG EXCHANGES AND CLEARING LIMITED -0.80% 496 End-of-day quote.16.71%
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Financials
Sales 2021 23 430 M 3 015 M 3 015 M
Net income 2021 14 857 M 1 912 M 1 912 M
Net cash 2021 39 960 M 5 141 M 5 141 M
P/E ratio 2021 42,2x
Yield 2021 2,07%
Capitalization 628 B 80 782 M 80 785 M
EV / Sales 2021 25,1x
EV / Sales 2022 20,9x
Nbr of Employees 2 204
Free-Float 94,0%
Chart HONG KONG EXCHANGES AND CLEARING LIMITED
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Technical analysis trends HONG KONG EXCHANGES AND CLEARING LIMITED
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 28
Last Close Price 496,00 HKD
Average target price 539,89 HKD
Spread / Average Target 8,85%
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Managers and Directors
Alejandro Nicolas Aguzin Chief Executive Officer & Director
Romnesh Lamba Co-President
Chi Kin Tai Co-President, COO & Executive Director
Bik Yun Lau Group Chief Financial Officer
May Lung Cha Non-Executive Chairman
Sector and Competitors