December 16, 2013 / 5:30 PM / in 4 years

Oil trader Vitol applies for London Metal Exchange membership

LONDON, Dec 16 (Reuters) - 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 Exchange (LME).

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)

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