Handles over 80% of the world trade in industrial non ferrous metals, and is the market where daily prices are set for different metals to reflect supply and demand.
Before the exchange was created, dealing was done in one of the London Coffee houses, the Jerusalem Coffee House off Cornhill and trade was by means of a merchant with metal to sell drawing a chalk or sawdust circle on the floor (the ring) and shouting 'change'
Formed in 1877 and occupying various buildings, the current exchange was moved to Leadenhall Street in 1994. There are strict rules about attire. Auctions and trading is still done by 'open outcry' using hand signals
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