Fastmarkets understands that there was a warehousing committee meeting on Thursday July 19, during which plans on the warehousing reforms were put to warehousing members.
Under the new proposal, warehouses will be able charge rent for up to 80 days, compared with the current 50-day limit.
Market sources expect the LME to launch a consultation paper in the coming months about warehousing reform.
The LME declined to comment, citing its forthcoming market-wide consultation, when approached by Fastmarkets.
“The LME will go ahead with moving QBRC to 80 days full rent; they want to do it to attract more metal onto the exchange,” a market source said.
“There is a townhall meeting in September, maybe...