每年这个时候，全球金属行业都会在伦敦聚集，参加年度的交易和派对盛会——伦敦金属交易所（LME）周。
It's that time of year when the global metals industry gathers in London for the annual blitz of trading and partying that is known as London Metal Exchange (LME) Week.
今年，参观者会发现交易所状况极为良好。2022 年的镍危机如今已在回望中逐渐远去，正如一连串以往 LME 危机一样，这家 149 年历史的机构重新崛起，甚至比以往更强劲。
This year, visitors will find the exchange in remarkably good health. The 2022 nickel crisis is now receding in the rear-view mirror and, as with a string of previous LME crises, the 149-year-old institution has roared back stronger than ever.
LME 在 2025 年创下了交易量纪录，今年预计将更上一层楼，1 月至 9 月日均成交额同比增长 16%。
The LME notched up record volumes in 2025, and this year is shaping up to be even better, with average daily turnover up 16% year-on-year from January to September.
交易热潮部分源于交易所为回应镍危机暴露出的失误而推出的市场改革计划，但战争、关税以及投资者对金属行业的兴趣提升也为复苏贡献了力量。
The trading boom is in part down to the exchange's market reform program, launched in response to the failings exposed by the nickel crisis. But war, tariffs and heightened investor interest in the metals sector have also played a part in the resurgence.
自 2022 年几近死亡的经历后，LME 正把目光投向新的方向。
Now fully recovered from its near-death experience in 2022, the LME is setting its sights on new horizons.
本月稍后，LME 将开始交易全新的热轧钢（HRC）上海合约，该合约将以上海期货交易所（ShFE）的 HRC 合约为结算基准，普遍被视为平板钢行业的全球基准。这是金属交易领域的一个重要事件。
The LME will later this month start trading a new hot-rolled-coil (HRC) Steel Shanghai contract, which will be settled against the Shanghai Futures Exchange's (ShFE) HRC contract , widely regarded as the global benchmark for the flat steel sector. It's a significant event in the world of metals trading.
此次交叉上市是首次 ShFE 将其金属价格向其他交易所提供。
The cross-listing is the first time ShFE has made any of its metal prices available to another exchange.
选择 LME 表明自 ShFE 领衔阻止 LME 在中国大陆开设仓库的尝试后，两家交易所关系已出现缓和。
That it has chosen the LME attests to the thaw in relations between the two exchanges since ShFE led the fight to block the LME's attempt to open warehouses on the Chinese mainland.
然而，镍危机迫使两家竞争对手携手，共同目标是恢复交易并重新整顿一度异常混乱的市场。同样象征新关系的，是去年 LME 在香港开设仓库。
The nickel crisis, however, forced the two rivals to work together with the common goal of resuming trading and restoring order to what had become a highly disorderly market. Equally symbolic of the new relationship was the opening of LME warehouses in Hong Kong last year.
这对香港交易所与结算公司（HKEX）（0388.HK）而言是迟来的证明，该公司于 2012 年以“桥接东西方分歧”为名收购了 LME。
It's belated vindication for Hong Kong Exchanges and Clearing (HKEX) (0388.HK), which bought the LME in 2012 with the stated ambition of bridging the east-west divide.
历经14年，时任首席执行官Charles Li的愿景终于开始具象化。
It's taken 14 years, but then-CEO Charles Li's vision is finally starting to take concrete form.
如果这份新的钢铁合约取得成功，它或许能为其他产品树立一个范本。
If the new steel contract is successful, it could be a template for other products.
至少，它可能重启LME的黑色金属产品组合。该交易所目前共有七种钢铁合约，但今年仅有三种有交易；而且与整体趋势相反，2026年前九个月的总交易量同比下滑了29%。
At the very least, it may reboot the LME's ferrous portfolio. The exchange has seven steel contracts, but only three have traded this year and, bucking the broader trend, combined volumes were down 29% year-on-year in the first nine months of 2026.
去年此时，LME曾带来一个意外消息：香港交易所（HKEX）将成立一家位于迪拜的子公司——商品定价与分析有限公司（Commodity Pricing and Analysis Ltd，简称CPAL），作为可持续金属溢价产品的“定价管理者”。
This time last year, the LME sprang something of a surprise when it announced that HKEX would create a Dubai-based subsidiary, Commodity Pricing and Analysis Ltd (CPAL), to act as a "pricing administrator" for sustainable metal premiums.
无论是可持续金属还是普通金属的溢价，此前一直由Fastmarkets和S&P Global Platts等价格报告机构垄断，而它们的评估结果正是CME实物铝溢价合约的基础。
Metal premiums, sustainable or otherwise, have until now been the preserve of price reporting agencies such as Fastmarkets and S&P Global Platts, whose assessments underpin the CME's physical aluminium premium contracts.
一年过去，CPAL如今已以“LME Insight”品牌，开始自行发布欧洲铝和铜溢价的价格评估。
One year on, CPAL is now publishing its own price assessments for both aluminium and copper premiums in Europe under the "LME Insight" brand.
所谓可持续金属品牌的“绿色”溢价仍难以实现，但这一策略或许即将在铝供应链的另一个环节开花结果。
The so-called "green" premium for sustainable metal brands remains elusive, but the strategy may be about to bear fruit in another part of the aluminium supply chain.
铝土矿与铝之间的中间产品——氧化铝，在大约15年前，其价格还是以金属价格的百分比来计算的。
Alumina, the intermediate product between bauxite and aluminium, was, until 15 or so years ago, priced as a percentage of the metal price.
美国生产商Alcoa（AA.N）率先推动打破这种挂钩模式，转而采用现货销售决定的价格。当时人们希望这些价格能发展为支撑期货合约的指数。
US producer Alcoa (AA.N) led the charge to break the linkage in favour of prices determined by spot sales. The hope was that these would become indices underpinning futures contracts.
然而，这一设想从未实现。LME的氧化铝合约并无交易，而CME的氧化铝合约也仅有零星交易。
That never happened. The LME's alumina contract doesn't trade and the CME contract has seen only sporadic activity.
如今，印度的Hindalco（HALC.NS）正引领一场新的氧化铝定价革命，并承诺通过Metalshub这一用于原材料交易和定价的数字平台进行其现货销售。
India's Hindalco (HALC.NS) is now leading a new alumina pricing revolution with a commitment to channel its spot sales through Metalshub, a digital platform for trading and pricing raw materials.
Metalshub 正在与 LME 合作开展可持续溢价价格发现，同时也与 CPAL 合作。加入这些潜在的线索并不困难。
Metalshub has been working with the LME on sustainable-premium price discovery and is also collaborating with CPAL. It's not difficult to join the potential dots.
如果新的铝土矿价格指数能够迅速推出，其速度可能远快于基于交易的“绿色”溢价。一旦出现，LME 将会率先对其进行“未来化”处理。
A new alumina price index may arrive much faster than a transaction-based "green" premium. If it does, the LME will be first in line to "futurise" it.
LME 正处于全新的局面。没有其他交易所能够构建自己在实物与期货金属定价之间的桥梁。
The LME is on new ground here. No other exchange has built its own bridge between physical and futures metal pricing.
但正如其与上海建立的具有变革性的合作一样，这也表明这家久负盛名的机构在经历了最新危机后，重新获得了使命感。
But, as with the transformative tie-up with Shanghai, it's a sign that the venerable old institution has bounced back from its latest crisis with a new-found sense of purpose.
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