London Metal Exchange Launched Centralised Digital Register for Metals

SEATTLE (Scrap Monster): The London Metal Exchange (LME) announced launch of LMEpassport- a centralised digital register that stores electronic certificates and sustainability credentials for the exchange-listed metals, starting with aluminum.

The digital LMEpassport stores electronic Certificates of Analysis (CoAs) based on metal’s size, shape, purity and other characteristics. Existing PDF format CoAs can be easily digitized on the platform, thus enabling transformation of unstructured data into information.

According to LME press release, metal producers are required to record information in LMEpassport at the time of production. Furthermore, it helps users to provide disclosures related to sustainability characters.

Robin Martin, LME Head of Market Development noted that the metals industry has been increasingly embracing digital solutions across the value chain. The LMEpassport not only automates manual processes and reduce operational risk but also provide greater transparency and access to ownership data, he added.

The LMEpassport rollout for LME Aluminum is scheduled from October 1, 2021. Effective that date, all primary aluminium loaded out of LME warehouses will be accompanied by an electronic CoA on LMEpassport.LME plans to make LMEpassports applicable to all LME metals by 1st January, 2023.

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