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The new owner of the London Metal Exchange is in a bind. Hong Kong Exchanges and Clearing (HKEx) paid an eye-watering 58 times prior-year earnings when it bought the world’s leading metals marketplace for $2.2-billion (U.S.) last year. Now its plan to reform price-distorting warehousing practices is proving divisive. Hopes for a China-led expansion in LME trading volumes could fall short if customers decide the exchange’s prices no longer reflect reality.