LONDON Dec 16 Swiss trading house Vitol, which
is seeking to diversify into other commodities from its main
business in oil, has applied for membership of the London Metal
Vitol is being considered for associate membership of the
LME, the world's biggest marketplace for industrial metals, the
exchange said in a members' notice.
Vitol has applied for category 5 membership, a low level of
membership, allowing trading rights at the exchange as a client,
but does not allow the issue of LME contracts.
Energy trading houses such as Vitol are diversifying into
metals and food commodities to reduce reliance on oil and
broaden growth opportunities.
The LME, which is owned by Hong Kong Exchanges and Clearing
Ltd, also said the Lee Kee Group also applied for
category 5 membership.
Hong-Kong based Lee Kee is one of the largest sourcing and
distribution companies in Asia specialising in non-ferrous
metals, its website says.
(Reporting by Eric Onstad. Editing by Jane Merriman)