COPPER INDUSTRY ASKS LME FOR STRATEGY STATEMENT Representatives of the International Wrought Copper Council (IWCC) and major copper producers have told the London Metal Exchange (LME) a clear statement of its forward strategy would lead to a better understanding between industry and the LME. In a press release the IWCC said that at the latest meeting between the copper industry and the LME to discuss the new clearing house system, industry expressed grave concern about latest proposals made by at least one LME member for a cash cleared market to replace the planned clearing system which will retain the prompt date settlement basis. Copper industry delegates told the LME a decision to change (the planned clearing system) would indicate a fundamental change in the function of the LME and in its service to the industry, the release said. By deterring industry use of the Exchange for hedging and physical needs it would remove many of the unique advantages currently offered by the LME and make it indistinguishable from non-trade orientated markets such as Comex. The LME had to decide whether dealer convenience should take a higher priority over customer satisfaction, industry delegates said. The IWCC release also said the LME had confirmed that no change would be made to the clearing system planned to start on May 29. But it had indicated that consideration would be given in due course to the cash clearing proposal, made by Amalgamated Metal Trading at a LME members meeting last week. A copper industry spokesman suggested that some assurance of permanence in the new clearing system would remove industry fears of uncertainty resulting from an endless process of review and change, the press release said.