LONDON -- MMC Metals, one of 27 floor dealers in tin, Monday threw London's metals markets into further turmoil with the announcement it it was suspending all dealings on the London Metal Exchange.
The company is owned by the Malaysian Mining Corp. -- one of the world's biggest producers of tin -- and the announcement prompted speculation that Malaysia may withdraw support for the International Tin Council.
All the LME firms were told of the news and steps were taken to convene an emergency session of the LME committee.
MMC Metals was established in 1983. Before that, Malaysia used existing dealers for trading.
Tin trading was suspended on the LME on Oct. 24 following the announcement by the Buffer Stock Manager that he could not support the commodity.
The BSM had regulated prices on the market by buying excess stocks.
It was announced last Friday that trading in tin will resume on the LME on Monday Nov. 18.
The Bank of England said a meeting of banks 'with interests, direct and indirect, in metal trading activities carried out on the LME was held Monday for discussion of the problems relating to the recent suspension of dealings in tin.'
