LONDON, Aug 10 (Reuters) - Triland Metals will end nearly half a century on the floor of the London Metal Exchange following its switch to a hybrid system of open outcry and electronic trading.

The floor was closed in March 2020 for the first time since World War II to allow for social distancing during the COVID-19 pandemic, silencing its red ring of seats and the theater of arcane hand signals and frenzied shouting by traders.

The LME said in a statement on Tuesday that Mitsubishi Corp owned Triland will change its membership category, leaving eight players on Europe's last open outcry floor.

The LME confirmed on Monday that it plans to reopen its trading ring on Sept. 6 and use open outcry for official prices, but move to its electronic system for closing ones.

"Given the LME's new direction of travel, the reduced responsibility of the ring and our business priorities we feel the time is right to redeploy our resources and capabilities," Triland's Chief Executive Martin Pratt told Reuters.

In January, the LME launched a consultation on closing its open-outcry trading floor, arguing that the forced migration to digital trading was a success, but faced heavy opposition from many traditional participants.

"We fully appreciate that members’ business models evolve, and we look forward to continuing to work closely with Triland as they transition to Category 2 membership," the LME said.

As part of the new system, the open outcry floor, will close if ring trading members fall below six or if trading liquidity falls below a certain level.

"This development does not trigger a ring price liquidity event, and therefore the LME continues to plan for a return to ring-based official pricing on 6 September," the LME added.

Triland is committed to providing "innovative risk management and support solutions" to customers, Pratt added.

The LME is owned by Hong Kong Exchanges and Clearing Ltd . (Reporting by Eric Onstad and Pratima Desai; Editing by Kirsten Donovan and Alexander Smith)