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Glencore unhappy with plans to introduce new LME fees

February 10, 2012 - 09:30 GMT Location: London

KEYWORDS: Glencore International , new LME fees

Glencore International has told brokers informally that it is unhappy about the new fees that the London Metal Exchange plans to impose from March 1, Metal Bulletin understands.

Glencore is a very large user of the LME market and higher fees would add to its costs if brokers passed them on. Suggestions that Glencore has written an official letter to all its brokers may be wide of the market though, Metal Bulletin understands. “There’s nothing in writing with a Glencore letterhead on it. It was more a case of them saying to a couple of brokers: ‘Look, we’re unhappy with this new arrangement,’” one market source...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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