Following a two-month discussion period, the exchange has recommended an increase in the minimum load-out rates for metal stored in its approved warehouses, and a new cap on rent that can be charged on metal in a queue. A consultation period on the recommendations will run for six weeks from July 1.
The LME launched a warehouse reform programme in November 2013 after a market consultation revealed concerns over rent inflation and rising premiums.
"We are pleased with the impact our reforms have already had in cutting queues at warehouses," Jones said in a statement on Wednesday.
"However, the proposals we are putting forward today are necessary to ensure that remaining queues and related issues are addressed in...