London Metal Exchange to introduce $1 OTC fee on June 1

LONDON, March 1 (Reuters) - The London Metal Exchange (LME) plans to launch a $1 fee from June 1 for each off-exchange, over-the-counter (OTC) contract that references its prices, it said on Thursday.

Details of the fee, announced in a statement from the LME, were largely in line with a consultation about the fee that ended on Jan. 12.

The LME, owned by Hong Kong Exchanges and Clearing Ltd. , announced the OTC fee in September alongside cuts for other exchange fees designed to help reverse declining volumes. (Reporting by Eric Onstad; Editing by Susan Fenton)