"This is still the best way of doing business for us -- yes there are pressures, but you put those on yourself," said one senior dealer.

In many financial markets traders are deserting the floors for offices and transacting business on high-tech screens. But the London Metal Exchange (LME) remains committed to traditional open-outcry trading on a circular market, know as the `ring'.

"I don't see how you can do this on screens -- all the dates, all the carries (simultaneous buy/sell trades). Down here (on the floor) you'll always find someone to make a market, whatever is going on in the world," another dealer said.

There are around 90 dealers -- they work for just 15 firms-- but these 15 firms are at the top of the LME membership pyramid, and in 1997 they accounted for the bulk of some 53.5 million futures contractsvalued at a staggering $2.5 trillion transacted on the world's largest non-ferrous metals market.

The 15 companies who alone have LME ring-dealing status range from banks to traditional brokers, from producers to commission houses -- in short they encompass the whole metal investment community.

For the metals trade the LME day usually starts at 0700 in the morning, and trading on the pre-market takes place inter-office via telephones. However, the pre-market is not an electronic Screen-based system -- it is usually just a "warm-up" for the highly visible, sometimes frenetic, open-outcry sessions in the LME ring which kick off just before midday.

Now, attention switches to plush red leather benches and rapid-fire five-minute trading sessions for each metal, known as `rings'. Despite the Exchange's migration from its first premises in Whittington Avenue to its current location at Leadenhall Street in the City these have changed little since the 19th century.

During the rings, sometimes little appears tobe happening. On other occasions the whole market is engulfed in a cauldron of noise, waving hands, and frantic business.

These five minute sessions, and most notably the second morning rings from 1230 to 1310 where the LME's daily settlement prices are reached, are the "raison D'Etre" of the market.

This is because LME prices are the global industry benchmark. The Exchange accounts for more than 90 percent of world terminal market-traded copper, and virtually all aluminium, lead, nickel, tin, zinc and aluminium alloy.

Consequently, most of the world's producers, consumers, fabricators and refiners have physical contracts with an LME settlement basis, and much of their business will be hedged on the market too.

Another veteran trader with 20 years' experience said the compactness of the five minute period, when all the world's business in that metal is being funnelled through to the LME's trading floor, brings its own unique pressures on the man who is literally on the hot seat.

"You've got half aminute to go, and you're sitting on a 500 lot order and the market's going against you," he said.

With seconds ticking away a trader may have a loss-making position on his book -- most LME dealers not only transact business for clients -- they have to take a view on the market as well.

This is because there are few, if any, of the ring-dealing firms able to rely on customer business alone to cover their costs -- commission levels have been pared down and a floor-trading trading operation is expensive.

So senior traders have to manage a book on the market and hopefully generate income through profitable trading activities. And in the ring the trader is up against the clock -- when the bell rings after five minutes, the action moves simultaneously into the next metal.

Behind the ring, clerks provide a constant price commentary, often by using a form of ticktack hand movements -- frantic hand waving.

But why is there this verbal and physical passing on of prices and trades when an electronic vendorfeed provides data to more than 20,000 screens worldwide? This is because there will always be a time-lapse when technology is involved, and time is vital when it comes down to the final few seconds.

So from 1230 onwards a seamless pattern of trading, ringing bells, changing symbols unfolds. And within minutes of each second official ring concluding, LME prices for cash out to 27 months and the all-important settlement are reached. Fixed officially at 1315, these are the LME's prime price-discovery function.

From 1330 there is a recess, but although the floor vacates business reverts to offices, as by now the U.S. Copper futures market is up and running and well into its stride.

Attention swings back to the floor at 1520 and open-outcry continues right through to 1700. Orders and day-trades may have to be executed before the close, and markets may be more volatile, because of the influence of U.S. Players and, on occasions, Financial data from the world's biggest economy.

Even after 1700 the traderis still "on duty" back in the office, as for another two hours the US futures market is up and running. So a day that started at 0700 -- well before breakfast-time for many -- draws to a close 12 hours later.

But it is not the end, as most companies pass their trading book on to North America and then the Far East, with metals trading having virtually become a non-stop 24-hour market, and at Times London-based traders are woken up in the small hours, and asked to quote a market.

"The last time was when Sumitomo broke -- I was brought in at half-past twelve (0030), had a ring round and found most firms had traders in to deal," said a veteran ring-dealing director.

Ring-dealers now are younger -- in their mid-20s. A generation ago the ring was populated more by senior traders. The accent on youth is seen continuing, as LME volumes have risen remorselessly over the last decade and as the next millennium approaches the nature of the business will become increasingly relentless, traders said.