Michael Farmer, a Conservative peer and co-founder of metals hedge fund Red Kite, has taken aim at high-frequency traders, telling an audience at a London Metal Exchange event that they are among the risks faced by the exchange.

Speaking at the LME's annual black-tie dinner in London on November 1, Farmer - nicknamed "Mr Copper" in the City - said the exchange's own rules and regulations might "unwittingly" give some participants an unfair advantage over others.