Attendees on this week’s London Metal Exchange  / Euromoney Learning introductory courses definitely got more than they bargained for.

An integral part of these courses are the side discussions that develop from questions raised by attendees.  This week there was a tremendous willingness to share real-life experiences.  When a consumer, new to hedging, was querying how to manage their US Midwest aluminium premium exposure, a physical trader shared their practical approach to premium risk in Europe.  On the options day, discussions included applying options to manage escalation clauses in concentrate agreements.  These bonus topics always make the few days more enriching and enjoyable.

This week’s London Metal Exchange (“LME”) / Euromoney Learning  webinar refreshed the very first webinar in this series.  The original webinar enjoyed strong registrations, and has easily been the most popular over the last two years.  There is clearly appetite for more as there was a record number of registrations, download figures are ticking up already and questions poured into the final Q&A.

This month’s London Bullion Market Association (“LBMA”) loco London training courses attracted participants from all over the world, from Tokyo to Texas, including Liverpool and Lugano.

The two modules, “An Introduction to loco London”  and “How to use Loco London”,  are designed as stand-alone courses and can be attended separately.  Several attendees opted for a deep dive and took the two courses on consecutive days.  Others preferred to split the courses over a few months, either due to busy schedules or a natural preference for consolidating new knowledge before moving onto the next level.  Those who have a basic knowledge of the market can jump straight into the “How to use” session.

The combination of a core group that attended both days plus the influx of new faces on the second day, made for lively Q&A sessions and interesting shared insights during the group workshops.

The next Introduction to Loco London course will be split over two London afternoons (15-16 September) to accommodate both European and US based attendees. Further course dates are being firmed up and will be confirmed shortly. Keep an eye on Upcoming Courses for dates and links to register.

WFH or TFH, Training From Home, was taken to a whole new level during last week’s London Metal Exchange  / Euromoney Learning introductory courses.  The courses were run in the New York time zone to cater to the Americas and one attendee was on holiday in Belize.  We were envious when we realised that the palm trees outside were not a virtual background.  Be it a holiday home, or makeshift home office, physical location is much less of an impediment to developing professional skills and networking across the industry than we might have feared at the start of the pandemic.

The next session on 6th July will refresh the most popular session in the series to date: The Fundamentals of Hedging on the LME.  Why not put a date in your diary to have your questions answered during the Q&A?

Think back to April 2020.  Day-to-day life had been turned upside down across the world. The talk was of “a new normal”, Zoom, R-numbers and acronyms such as WFH.  Open outcry trading was suspended at the London Metal Exchange  and LME / Euromoney Learning introductory courses went virtual.

Fast forward a year.  How well we can adapt when we must.  The training courses now incorporate best practice in virtual delivery and networking alongside the personal touch of an experienced live trainer.  The verdict is in.  Course numbers are back up to pre-pandemic in-classroom levels.  Virtual definitely delivers.

Courses are scheduled to coincide with the business day in Europe, the US, Asia and the Middle East.  Check out Upcoming Courses to find a date and time zone that works for you.

A striking feature of the London Metal Exchange / Euromoney Learning introductory courses is that the geographical spread of attendees has increased since the courses moved to virtual delivery.  Last week’s courses were nominally in Dubai, but attendees were actually in locations as far apart as Mongolia and Canada.  One person was even in the back seat of a car while on a business trip.

Last week the London Bullion Market Association (“LBMA”) ran the popular “Introduction to loco London” course and the new follow-on course, “How to use Loco London”.  No prior market knowledge is assumed for attendees of the “Introduction to” course.  The second course is suitable for those with some prior experience of the precious metals markets who are looking for a deeper treatment of the derivatives discussed during the first course.

The “How to use” course includes several worked examples and has time set aside to allow the examples to be extended to the specific circumstances of the attendees. Last week, following questions raised, we looked at how same day pricing of physical links up with existing forward contracts, and how to determine if a forward swap position is making or losing money as the forward curve changes shape.

The smiling faces at the end of the courses made us think we had done a good job, and the formal feedback has confirmed it.

Future course dates are being firmed up and will be confirmed shortly. Keep an eye on Upcoming Courses for dates and links to register.

Last week, a willing group of London Bullion Market Association (“LBMA”) staff participated in the first run through of the How to use Loco London training course.  This second course offers a practical insight into the most frequently traded instruments and develops the concepts presented in the Introduction to loco London course.

Both courses have been designed as stand-alone modules which can be taken independently of one another and are suitable for both newcomers to the market and established professionals seeking to deepen knowledge.  Guided workshops give opportunities to try out trading strategies, and plenty of time is set aside for individual questions and group discussions.

Participant feedback has taken us to more general topics for the next few webinars.  The next session on 11th May will describe the warehousing network and delivery mechanics that underpin the physically settled base metals contracts.

Register to listen live or to a recording at a more convenient time.  The entire webinar collection can be accessed here and suggestions for topics for futures webinars can be sent to education@lme.com.