The Shanghai Futures Exchange is impeding efforts by Hong Kong Exchanges and Clearing to expand its metals-trading business, following the acquisition of the London metal Exchange in 2012.
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这导致了上海期货交易所的铜价高于伦敦金属交易所的铜价。套利者迫切希望从这一价差中获利。
This is what resulted in the premium on SHFE copper relative to LME prices. Arbitrageurs were eager to take advantage of the price differential.