Rusal lays out reasons for appeal against LME warehousing ruling

Rusal is planning to appeal the court ruling overturning the judgment on the London Metal Exchange’s warehousing policy, on the basis that it continues to believe there was “procedural unfairness” in the original consultation.

The company has also stated that it does not believe the rule change, which links warehouse load-in and load-out rates, will have “any practical effect on the market”. The LME’s appeal was upheld on Wednesday October 8, overturning the original ruling of Mr Justice Phillips, which stated that the LME’s consultation on the changes to its warehousing policy was “so unfair as to be unlawful”. The original ruling found, following hearings in February, that the LME’s consultation should have included reference to the possibility of banning or capping rent in queues. Rusal had claimed, among other things, that the new policy should be removed and that the LME should be made to carry out...

Published

Claire Hack

October 08, 2014

15:41 GMT

London