London Metal Exchange traders and analysts have offered their support for the appointment of former Liffe executive Garry Jones as the bourse’s new chief, praising the selection of an external candidate for the role as the exchange faces controversy over warehousing.

Jones' appointment as chief executive to replace current chief Martin Abbott was announced today. Diarmuid O'Hegarty, LME's deputy chief executive, who was seen as a contender for the top job, has resigned and will leave following a six-month notice period, the HKEx said.