The introduction of an aluminum contract on the London Metal Exchange in 1978 and a nickel contract in 1979 was probably the most decisive phase of diversification in the exchange's history. In the 1970s, to aluminum producers like Alcoa Inc., Pittsburgh, and Alcan Inc., Montreal, the idea of the value of their metal changing on a daily basis at the whim of a bunch of traders in London was anathema. It was widely rumored-though never confirmed-that in the early days of the contract Alcoa circulated a memo threatening to fire anyone who entered into an LME-based contract. At that time, aluminum was much more vertically integrated than copper so there was little chance for an independent opinion from other sectors of the industry, such as semi-fabricators or miners.
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机译：1978年在伦敦金属交易所（London Metal Exchange）引入铝合约，在1979年引入镍合约，可能是该交易所历史上最具决定性的多元化阶段。在1970年代，对于像美国铝业公司，匹兹堡和加拿大蒙特利尔铝业公司这样的铝生产商来说，在伦敦一群贸易商心血来潮的情况下，每天改变其金属价值的想法令人反感。有传言（尽管从未得到证实）是在合同成立之初，美铝公司散发了一份备忘录，威胁要解雇任何基于LME合同的人。当时，铝的垂直集成度比铜高得多，因此几乎没有机会获得行业其他部门的意见，例如半制造商或矿工。
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