LORD COPPER: The year that was...

Well, it’s that time again, for looking back at the passing year.

I don’t think anyone would suggest 2014 could be regarded as a vintage one, or even a golden one. Most of the issues that dominated don’t actually appear to have been resolved yet, so, in a way, it was a year of marking time. We all spent a lot of time again pondering the seemingly insoluble issue of LME warehousing. For a spell, after the original High Court ruling, it looked as though Rusal had won its case (which I personally thought was the correct result), only for the Court of Appeal to overrule the first judgment. The result of that is that the LME’s tinkering with load in/load out rates will go ahead, and the alternative – rent capping – looks like it has been kicked into the long grass. To me, that suggests the issue will still not achieve resolution; rent capping would not be perfect, but it...


Lord Copper

January 07, 2015

12:55 GMT