“It is a very deliberate ploy to effectively counter the arguments of [global risk manager for commodities and metals at US brewer MillerCoors] Tim Weiner, given to the senate committee,” a trader said. “They are very publicly saying that they will do all they can to help end-users.”
Goldman, owner of the Metro warehousing company since February 2010, made three suggestions in a press release on July 31, in addition to expressing support for the London Metal Exchange’s recently proposed rule changes regarding warehouse load-out rates.
The bank suggested that the LME could implement a system whereby end-users are given priority in delivery queues; that the exchange provide more transparency “with respect to who owns the warrants for metals and to designate by broad market participant category who is in the queue”; and that Goldman itself provides aluminium for delivery in exchange for metal in a Metro delivery queue.
But Goldman’s suggestions...