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London Commodity Brokers Shuts Hong Kong Office, Trims London Staff -Source

U.K.-based brokerage house London Commodity Brokers Ltd. has closed its Hong Kong office and made three London-based staff redundant in a bid to adjust to the recent downturn in commodity markets, a person with knowledge of the matter said Thursday.The company shut its Hong Kong office in December, and made three London brokers redundant--one iron ore swaps broker and two dealing with physical coal and iron ore--in late February, the person said.Speaking to Dow Jones Newswires, LCB's Chief Executive Clive Murray confirmed the Hong Kong office closure, but declined to comment on the status of the company's London team."We have had a strategic review of the office in light of what's going on in the commodity markets in general. The Hong Kong office was closed at the end of last year, since our customers can be covered more economically from our Singapore office," he said.The person close to the matter said that three staff working in LCB's Hong Kong office left the company, while one rel...

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