UPDATE: LME load-in load-out policy will not go ahead on April 1; Rusal 'welcomes decision'

The London Metal Exchange’s proposed linked load-in load-out warehousing policy will not go ahead on April 1 as planned, the exchange has said.

The news follows the judgment of the UK High Court, which found that the consultation carried out by the LME on the proposal should have included or made reference to the option of banning or capping rent in queues. The High Court said the London Metal Exchange’s consultation on its proposed changes to warehousing policy was “unlawful”, according to Rusal. Mr Justice Philips, who presided over the hearings on Rusal’s claims in February, found that the LME’s consultation and proposed change to its warehouse policy were “unlawful because fairness required the LME to consult on alternative options and, in particular, the option...

Published

Claire Hack

March 27, 2014

11:01 GMT

London