Warehousing: the full picture

 

Follow the story of the warehousing wars as Metal Bulletin has tracked it. 


LME's proposed rent cap has US regulatory support
July 08, 2015 - 12:49 GMT Location: London
The London Metal Exchange's proposal to introduce queue-based rent capping (QBRC) meets the requirements of overseas regulators as well as the Financial Conduct Authority (FCA). Read more

LME proposes to boost load-out rates, cap rents to tackle queues [UPDATED]
July 03, 2015 - 16:00 GMT Location: London
A market-wide consultation by the London Metal Exchange (LME) will gauge the response to two new queue-cutting proposals as the bourse enters what it hopes is the "final straight" of its warehouse reform programme, ceo Garry Jones said at a briefing on Tuesday July 1. Read more

HOTTER ON METALS: LME goes nuclear on warehousing
July 03, 2015 - 07:10 GMT Location: New York
Market participants that have spent months complaining that the London Metal Exchange warehousing system needed fixing view its latest proposals on rent and load-out rates as a victory. Read more

HOTTER ON METALS: Getting tough on LME warehouse rent
July 02, 2015 - 01:27 GMT Location: New York
The London Metal Exchange has for years said it believed European Commission competition law prevented it from setting, capping, or influencing rents to store metal and FoT (free on truck) rates. Read more

HOTTER ON METALS: Are cash-settled contract fears unfounded?
July 02, 2015 - 01:50 GMT Location: New York
Is the London Metal Exchange moving ever closer to cash-settled contracts? Read more

HOTTER ON METALS: Alcoa calls for answers from the CFTC
June 09, 2015 - 17:30 GMT Location: New York
It's not that often that the actions of a regulator are called into question, but that's exactly what has happened in the commodity markets this week. Read more

Alcoa asks CFTC to reveal its influence over LME warehouse reforms
June 09, 2015 - 16:38 GMT Location: New York
US aluminium producer Alcoa has requested documents from the US regulator to discover how involved it was in influencing the London Metal Exchange’s warehousing rule changes and other reforms. Read more

ALUMINIUM: Wrapping up the LME contract and the contango
June 01, 2015 - 16:24 GMT Location: London
The years immediately after the global financial crisis will live long in the memory of the aluminium market. Read more

ALUMINIUM: The second producer generation
May 28, 2015 - 16:15 GMT Location: London
The emergence of Middle Eastern aluminium companies as serious global suppliers brought a new generation of producers to the London Metal Exchange aluminium contract – one that was far more amenable to it than the previous generation had been. Read more

LME WEEK ASIA: Bourse to offer electronic warehouse receipts audit system
May 20, 2015 - 23:17 GMT Location: Hong Kong
The London Metal Exchange plans to roll out an electronic audit system for warehouse receipts to boost confidence in processes that were shaken after the Qingdao scandal. Read more

ALUMINIUM: June 1988 – the big squeeze
May 15, 2015 - 11:05 GMT Location: London
The London Metal Exchange aluminium contract was ten years old when it saw its first major squeeze. Much like what has happened to the warehousing system over the past several years, the squeeze was able to take advantage of an at-the-time unprepared LME regulatory framework. Read more

US aluminium antitrust case rulings upheld
May 05, 2015 - 03:38 GMT Location: New York
A US federal judge has reaffirmed her previous rulings dismissing the London Metal Exchange, Goldman Sachs Group Inc and several other investment banks and warehousing companies from antitrust litigation accusing them of purposeful manipulation of aluminium supplies to drive up prices. Read more

Mercuria’s earnings rise 3% after JP Morgan oil, metals deal
April 30, 2015 - 13:31 GMT Location: London
Switzerland-based commodities trading house Mercuria achieved earnings before interest, tax, depreciation and amortisation (Ebitda) of $553 million in 2014, up 3% year-on-year, a source familiar with the matter told Metal Bulletin. Read more

INTERVIEW: Metal Bulletin discusses the shape of the Al market with Rusal's Steve Hodgson
April 29, 2015 - 06:55 GMT Location: London
Following UC Rusal's press briefing in London this week, Metal Bulletin caught up with Rusal Marketing ceo Steve Hodgson for a one-on-one discussion on the aluminium market and the company's outlook. Read more

LORD COPPER: CWT's £100,000 fine – to be candid, this is a deterrent
April 28, 2015 - 11:43 GMT Location: London
CWT's transgression of the LME warehousing rules may have been inadvertent and the £100,000 fine may seem harsh, but, Lord Copper asks, did the exchange have much choice? Read more

LME confirms increase of 'decay factor' under LILO
April 27, 2015 - 11:30 GMT Location: London
The London Metal Exchange has confirmed it will increase the "decay factor" under its linked load-in/load-out (LILO) warehouse rule from 0.5x to 1.0x from August 1. Read more

US Midwest premiums may continue descent
April 24, 2015 - 01:44 GMT Location: New York
US Midwest premiums for P1020 aluminium could continue to drop through the rest of 2015 and into 2016, Lawrence Capital Management Inc principal Timothy Hayes told delegates at the Aluminum Association's spring meeting this week. Read more

LME fines CWT $150,000 for 'non-deliberate' Chinese wall errors
April 20, 2015 - 09:34 GMT Location: Singapore
London Metal Exchange warehousing company CWT Commodities has agreed to pay a £100,000 ($149,534) fine for violating Chinese wall information restrictions, the exchange told members. Read more

World zinc market could hit surplus in 2015
April 17, 2015 - 03:22 GMT Location: New York
The global zinc market could be pushed into a supply surplus this year due to poor economic growth worldwide, but will return to a deficit by 2017, according to RBC Capital Markets analysts. Read more

Al prices to be hit by continuing excess supply in Q2 - Sucden
April 14, 2015 - 17:32 GMT Location: London
Aluminium prices will continue to be weighed down by high levels of availability against demand in the second quarter, category I broker Sucden Financial has said. Read more

CESCO INTERVIEW: Copper market amply supplied, despite disruptions - Luvata exec
April 14, 2015 - 12:26 GMT Location: Santiago, Chile
The copper market is amply supplied despite some issues constricting supply, and looks likely to remain so in the short-to-medium term, according to the senior vp of metals at Luvata. Read more

PPS buys aluminium at $223/t premium
April 14, 2015 - 11:12 GMT Location: Singapore
South Korea's Public Procurement Service (PPS) will buy 2,000 tonnes of primary aluminium at a premium of $223 per tonne, down $92 from the premium it paid in the previous tender. Read more

CFTC defers LME application for access
April 13, 2015 - 00:47 GMT Location: New York
The US Commodity Futures Trading Commission (CFTC) has deferred an application by the London Metal Exchange Limited to allow US traders to directly access their electronic trading platform, citing concerns about the LME's warehousing system for metals. Read more

US zinc premiums flat amid oversupply
April 20, 2015 - 02:23 GMT Location: New York
US special-high-grade zinc spot premiums were flat again this past week despite reports from buyers that the domestic market is oversupplied due to waning steel demand. Read more

World zinc market could hit surplus in 2015
April 17, 2015 - 03:22 GMT Location: New York
The global zinc market could be pushed into a supply surplus this year due to poor economic growth worldwide, but will return to a deficit by 2017, according to RBC Capital Markets analysts. Read more

CESCO INTERVIEW: Copper market amply supplied, despite disruptions - Luvata exec
April 14, 2015 - 12:26 GMT Location: Santiago, Chile
The copper market is amply supplied despite some issues constricting supply, and looks likely to remain so in the short-to-medium term, according to the senior vp of metals at Luvata. Read more

PPS buys aluminium at $223/t premium
April 14, 2015 - 11:12 GMT Location: Singapore
South Korea's Public Procurement Service (PPS) will buy 2,000 tonnes of primary aluminium at a premium of $223 per tonne, down $92 from the premium it paid in the previous tender. Read more

CFTC defers LME application for access
April 13, 2015 - 00:47 GMT Location: New York
The US Commodity Futures Trading Commission (CFTC) has deferred an application by the London Metal Exchange Limited to allow US traders to directly access their electronic trading platform, citing concerns about the LME's warehousing system for metals. Read more

US zinc premiums flat as market awaits lift
April 06, 2015 - 00:01 GMT Location: New York
US special-high-grade zinc spot premiums were flat this past week as market participants continued to wait for a pickup in activity after several sluggish months. Read more

LETTER TO METAL BULLETIN: The astonishing cost of going to court
April 01, 2015 - 16:01 GMT Location: London
A letter to Metal Bulletin from Steven Spencer. Read more

LME won't suspend warrants in Malaysia
March 31, 2015 - 03:15 GMT Location: Singapore
Days before the deadline for the rollout of the goods and services tax (GST) in Malaysia, the London Metal Exchange has said its warranted stocks and other metals are not liable for GST, and has dropped its proposal to suspend warrants from July 1. Read more

SPOTLIGHT: China's latest move on futures spurs hopes for LME warehouses
March 27, 2015 - 14:34 GMT Location: Singapore
China is preparing to open its futures markets to international investors, to help its economy cope with global price fluctuations. Read more

Zinc premiums slip as slow sales cause stock-build in Europe
March 19, 2015 - 12:45 GMT Location: London
Premiums for zinc ingots have slipped in Europe as slow sales on the continent and an inactive export trade have encouraged sellers to lower their offers for large clips of material, market sources told Metal Bulletin this week. Read more

More than 50,000 tonnes of copper cancelled in Malaysian warehouses
March 19, 2015 - 06:40 GMT Location: Singapore
Cancelled copper warrants, or stocks waiting to get out of warehouses, have surged in LME warehouses in Malaysia on the back of the uncertainty surrounding the new goods and services tax and its potential impact on LME business. Read more

Malaysia hopes to resolve LME issue: report
March 18, 2015 - 09:51 GMT Location: Singapore
Malaysia's customs department is seeking a solution regarding the status of metal stocks in London Metal Exchange warehouses in Johor and Port Klang after the bourse asked whether the stocks will be subject to a new goods and services tax (GST), a Malaysian newspaper report said on Wednesday March 18. Read more

Malaysian delisting could widen LME spreads, push metal elsewhere
March 17, 2015 - 16:03 GMT Location: London, Singapore
The delisting of Malaysian warehouses by the London Metal Exchange in the event that they are not exempted from a new tax, which comes into force on April 1, would see more metal flow to other locations in Asia and ease spreads in the futures market, market sources said. Read more

INTERVIEW: LME won't shy from litigation, if necessary - Garry Jones
March 16, 2015 - 00:05 GMT Location: New York
One thing is clear from the new two-month discussion paper on the final elements of the London Metal Exchange's warehouse reform package: the exchange won't shy away from taking tough action, including litigation if necessary. Read more

LME may stop issuing warrants in Malaysia in July as new tax comes into effect
March 16, 2015 - 20:37 GMT Location: London
The London Metal Exchange may halt the issuance of warrants in warehouses on Johor and Port Klang from July unless it receives confirmation that the trade in metal warranted in those locations will be exempt from a new goods and services tax (GST). Read more

INTERVIEW: HKEx wants to grow, not destroy, LME trading arena, its CEO says
March 16, 2015 - 00:59 GMT Location: New York
The goal of Hong Kong Exchanges & Clearing is to grow the London Metal Exchange's metals trading arena, not wipe its existing participants out, the HKEx CEO said. Read more

INTERVIEW: Commodities to follow on Stock Connect, HKEx ceo says 
March 13, 2015 - 20:51 GMT Location:  Boca Raton, Florida  
Commodities are a natural fit for the Shanghai-Hong Kong Stock Connect model, but will be behind equities on the list to be added, the ceo of Hong Kong Exchanges & Clearing (HKEx), Charles Li, told Metal Bulletin. Read more

INTERVIEW: LME could offer Sword system externally, ceo says
March 13, 2015 - 19:08 GMT Location: Boca Raton, Florida
The London Metal Exchange is looking at ways to globalise its warehouse process and could offer its Sword system externally, its ceo Garry Jones told Metal Bulletin in an interview. Read more

INTERVIEW: LME working to improve steel billet contract, ceo says
March 13, 2015 - 17:40 GMT Location: Boca Raton, Florida
The London Metal Exchange is working to find ways to develop liquidity in its steel billet contract, which has been refocused to the European region, the exchange's ceo Garry Jones said. Read more

INTERVIEW: LME members should not fear third-Wednesday promotion, Jones says
March 13, 2015 - 16:08 GMT Location: Boca Raton, Florida
The London Metal Exchange has come under fire in recent weeks for its plans to promote third-Wednesday dates, with critics citing concern the exchange is moving increasingly closer to becoming a US-style futures exchange. Read more

LME ELECTRONIC TRADING: Our route to ramped-up monthly liquidity - Matt Chamberlain
March 11, 2015 - 12:40 GMT Location: London
The LME's objective is to capture the potential of monthly-date trading without disturbing its market structure, says Matt Chamberlain, the exchange's head of business development. Read more

LME ELECTRONIC TRADING: Undermining three-month trading system could be big mistake - former ceo Abbott
March 10, 2015 - 08:30 GMT Location: London
If the LME builds up monthly contract trading it could turn itself into just another plain vanilla futures market. It could end everything that makes the exchange different, including the ring, warns former LME ceo Martin Abbott. Read more

LME aims to boost warehouse 'elasticity'
March 05, 2015 - 00:03 GMT Location: New York
The London Metal Exchange is looking to boost the "elasticity" of its warehouses, mindful that a rise in US interest rates will likely boost demand for stored metal. Read more

LME companies, warehouses dismissed from antitrust suit
March 04, 2015 - 23:56 GMT Location: New York
A US federal judge has dismissed London Metal Exchange parent Hong Kong Exchanges & Clearing Ltd and LME Holdings Ltd from antitrust litigation alleging manipulation of aluminium supplies to drive up prices. Read more

INTERVIEW: Market must assess risk-reward of rent cap or ban, LME exec says 
March 03, 2015 - 17:25 GMT Location:  New York  
The London Metal Exchange is calling on its members to make a careful assessment of the pros and cons of a potential cap or ban on rents in queues to ensure the market is comfortable that the balance is correct. Read more

LME plans to increase warehouse load-out rates again in queue locations; pushes back premium contracts
March 03, 2015 - 07:27 GMT Location: London
The London Metal Exchange intends to increase the load-out rate of metal at warehouses affected by queues of longer than 50 days to obtain material, when those warehouses continue to load in metal, it said on March 2. Read more

Asian aluminium premiums fall following global cues
March 03, 2015 - 14:54 GMT Location: Singapore
Aluminium premiums in Southeast Asia have taken a hit, following global declines, and financing demand losing attractiveness. Read more

LME warehousing policy: the proposals, the discussion and what it all means
March 03, 2015 - 14:23 GMT Location: London
As the London Metal Exchange continues to work on ways to adapt its warehousing policy to address the long-running issue of queues, Metal Bulletin looks in depth at its latest proposals and comments. Read more

LME plans to increase warehouse load-out rates again in queue locations; pushes back premium contracts
March 03, 2015 - 07:27 GMT Location: London
The London Metal Exchange intends to increase the load-out rate of metal at warehouses affected by queues of longer than 50 days to obtain material, when those warehouses continue to load in metal, it said on March 2. Read more

Rusal will not restart mothballed capacity 
February 25, 2015 - 04:06 GMT Location:  Singapore
UC Rusal does not plan to restart "any mothballed aluminium capacity, regardless of the LME price", as ramifications of the 2009 financial crisis and the ensuing overcapacity remain fresh on its mind. Read more

Eramet narrows losses to $181 million
February 23, 2015 - 17:31 GMT Location: London
Eramet narrowed its net loss to 159 million euros ($181 million) in 2015, citing productivity gains, as well as lower costs and capital expenditure. Read more

US CFTC still monitoring aluminium warehouse queues
February 12, 2015 - 15:53 GMT Location: New York
A senior US regulator said the authorities are still monitoring lengthy queues to access aluminium stored in warehouses and are working with consumers, the UK regulator, plus the London Metal Exchange and its owner. Read more

Whelan Metals lists LME shed in New Orleans, fuelling talk of warehouse raid
February 12, 2015 - 17:42 GMT Location: London
Independent warehousing firm Whelan Metals has listed two new storage facilities in New Orleans as delivery points for metals traded on the London Metal Exchange, the bourse told members on Thursday February 12. Read more

New Orleans queue spikes as 87kt of zinc is ordered for withdrawal
February 12, 2015 - 08:00 GMT Location: London
The queue to withdraw metal from London Metal Exchange warehouses in New Orleans spiked on Wednesday February 11 as nearly 90,000 tonnes of zinc were cancelled in the Louisiana port. Read more

HOTTER ON METALS: The path to financialisation?
February 11, 2015 - 00:20 GMT Location: New York
Alcoa's response to the London Metal Exchange's most recent package of warehousing-related proposals show that while the latest consultations may be over, responses are likely to be varied. Read more

Alcoa says LME proposals create path to 'disruptive intervention'
February 10, 2015 - 20:00 GMT Location: New York
The proposed changes to the London Metal Exchange warehouse agreement and physical delivery network give the LME excessive powers, boost the likelihood of litigation and put it at risk of becoming increasingly irrelevant to physical market participants, Alcoa said in a letter to the exchange. Read more

WEEK AHEAD: LME warehousing deadline
February 08, 2015 - 21:15 GMT Location: London
The deadline for the end of the London Metal Exchange's consultation on a new warehousing agreement is Monday February 9. Read more

Aluminium antitrust suit takes new angle
February 08, 2015 - 23:38 GMT Location: New York
A group of aluminium consumers hope to draw comparisons between an alleged conspiracy to rig foreign exchange rates and what they claim was a scheme among warehousing companies to inflate the US Midwest premium. Read more

What is loading out from LME warehouses? And what is not?
February 05, 2015 - 12:05 GMT Location: London
Warehouse companies, their clients and their owners are looking closely at one clause in the London Metal Exchange's new policy on the approval and operation of warehouses that defines what qualifies as a load-out. Read more

Stonewalling, confidentiality concerns define talks on LME's new warehouse deal
February 04, 2015 - 15:58 GMT Location: London
The London Metal Exchange and its approved warehouse companies are trying to negotiate their respective paths around the challenging issues of client confidentiality and incentives that the LME's new warehousing deal has raised. Read more

European Al premium expected to weaken until end of Feb
February 03, 2015 - 15:30 GMT Location: London
European aluminium premiums are likely to continue to weaken until the end of February, when consumers are expected to come back to the market for second-quarter volumes. Read more

WEEK AHEAD: Aluminium
February 01, 2015 - 21:35 GMT
The London Metal Exchange's linked load-in load-out warehouse delivery rule's first calculation period begins this week. Read more

US zinc premiums decline
January 12, 2015 - 00:23 GMT Location: New York
US premiums for special-high-grade zinc inched down last week, with market participants attributing the slide to overcapacity and falling oil prices. Read more

WEEK IN BRIEF: New LME warehouse deal; oil and copper; new silico-manganese prices; minor metals under pressure
January 09, 2015 - 15:55 GMT Location: London
Metal Bulletin reviews the biggest news and price moves from the metal market over the past week. Read more

2015 PREVIEW: Fed to decide fate of banks in commodities
January 09, 2015 - 10:00 GMT Location: New York
A key decision on the fate of banks in physical commodities is expected in 2015, bringing a complex - and often controversial - issue to a head and potentially spelling the end to the authorities allowing them to operate in the sector. Read more

Updating a hybrid warehouse deal
January 07, 2015 - 10:30 GMT Location: London
The London Metal Exchange's move to update the current warehousing pact, which one person close to the situation described as "a hybrid between a gentleman's agreement and a legal document, but which is neither one nor the other", follows the furore that the queues in some LME sheds and locations have created since the financial crisis of 2008. Read more

So what are 'exceptional inducements' in the current LME warehouse pact?
January 07, 2015 - 10:15 GMT Location: London
The clause of the current London Metal Exchange warehouse agreement that caused the most contention came under article 9.3, which has been renamed "Proper functioning of the market" in the new proposed warehouse deal, having previously been labelled "Liquidity". Read more

LORD COPPER: The year that was...
January 07, 2015 - 12:55 GMT Location: London
Well, it's that time again, for looking back at the passing year. Read more

Warehouses split on response to new LME deal
January 06, 2015 - 17:20 GMT Location: London
London Metal Exchange warehouse companies have until next month to respond to the exchange's proposed new warehousing deal, which could affect their trading company and producer clients as well as themselves, and has as a result sparked reactions that range from outrage to acceptance. Read more

The LME warehousing and physical delivery consultation - the specifics
January 06, 2015 - 17:22 GMT Location: London
As some market participants express wariness over certain points of the London Metal Exchange's new consultation on warehousing, Metal Bulletin looks at the specifics of some contentious areas. Read more

2015 PREVIEW: Aluminium premiums won't go away on their own
January 06, 2015 - 13:30 GMT Location: London
Market participants have been reluctant to make firm predictions about aluminium premiums for 2015, no doubt largely due to the fact that many of them got it so spectacularly wrong last time. Read more

The LME warehousing and physical delivery consultation - the specifics
January 06, 2015 - 17:22 GMT Location: London
As some market participants express wariness over certain points of the London Metal Exchange's new consultation on warehousing, Metal Bulletin looks at the specifics of some contentious areas. Read more

HOTLINE: Ten things we didn't expect to happen in 2014
December 23, 2014 - 12:30 GMT Location: London
Hotline takes a look back at the jaw-dropping moments of 2014. Read more

HOTTER ON METALS: Who are the Reuben Brothers?
December 23, 2014 - 01:31 GMT Location: New York
Just five years shy of entering the world of London Metal Exchange warehousing ownership, Goldman Sachs has sold the business to former titans of the aluminium industry. Read more

Goldman Sachs sells Metro to Reuben Brothers
December 22, 2014 - 23:15 GMT Location: New York
Goldman Sachs has completed the sale of its London Metal Exchange warehouse unit Metro International Trade Services to a subsidiary of the Reuben Brothers, formerly one of the world's largest aluminium producers through Trans-World Metals. Read more

Supreme Court denies Rusal appeal on LME warehousing rules
December 18, 2014 - 15:25 GMT Location: London
The UK Supreme Court has refused a request by Rusal to appeal against the recent judgment on warehousing rules at the London Metal Exchange, allowing the LME to push ahead with its plans to ease delivery backlogs at its warehouses. Read more

What the Citi-Mercuria dispute revealed about Qingdao, metal financing
December 12, 2014 - 04:00 GMT Location: London
The arguments from banking firm Citi and trading company Mercuria over who should face the $270 million exposure from financing deals linked to metal held at Qingdao have now been heard, and the trial has drawn to a close, with a judgement due in January. Read more

Citi had 'no choice' but to push for early repayment on Qingdao metal
December 11, 2014 - 11:35 GMT Location: London
Citigroup had "no choice" but to call for early repayment of its repo deals with trading company Mercuria following the discovery of fraud at Qingdao, Citi's lawyer told a high court in London on Tuesday December 9. Read more

Mercuria claims Citi 'acted fraudulently' by calling for early repo payment on Qingdao metal
December 09, 2014 - 15:46 GMT Location: London
Citigroup "acted fraudulently" when it called for early repayment on its repo deals with Mercuria and delivered warehouse receipts for metal held at Qingdao without being certain of the metal's existence, according to claims made by Mercuria's lawyer in the high court in London. Read more

Trafigura writes down $90m against warehouse business on low iron ore, coal prices
December 08, 2014 - 15:14 GMT Location: London
Global trader Trafigura has written down $90 million against its warehousing business, Impala Terminals Burnside, on the back of the collapse in iron ore and coal prices. Read more

Citi-Mercuria case centres on Qingdao warehouse receipts, title
December 08, 2014 - 14:40 GMT Location: London
Does the delivery of warehouse receipts in China constitute the same thing as the delivery of physical metal? Read more

INTERVIEW: HKEx's Li says minis are 'necessary' step to mainland tie-up
December 05, 2014 - 05:21 GMT Location: Singapore
Hong Kong Exchanges & Clearing (HKEx) hopes to replicate Hong Kong-Shanghai Stock Connect for commodities in less than three years' time, and the launch of the London minis on the bourse are a step in that direction, ceo Charles Li told Metal Bulletin. Read more

LORD COPPER: What ails the aluminium market?
November 25, 2014 - 14:35 GMT Location: London
The disruption to the aluminium market is being debated in front of a US Senate committee. But will it get to the truth of what has been going on in the aluminium market and why? Read more

No clear rationale for banks to own warehouses, academic says
November 21, 2014 - 16:58 GMT Location: New York
There is no clear rationale for a financial holding company like Goldman Sachs to own a warehousing company, an academic told a US Senate hearing. Read more

US Fed says regulatory gap should be plugged
November 21, 2014 - 21:10 GMT Location: New York
There is potentially a regulatory gap through which certain types of banking activities fall and which should be plugged, according to a governor of the US Federal Reserve. Read more

Metro incentivised warrant cancellations to lengthen Detroit queue, US Senate says
November 21, 2014 - 00:00 GMT Location: New York
Warrant cancellations at Metro International Trade Service's Detroit warehouse by Deutsche Bank, hedge fund Red Kite and Switzerland-based Glencore were financially incentivised by Metro and significantly contributed to the lengthy warehouse queue. Read more

Goldman Sachs bears brunt of US Senate hearing fire
November 21, 2014 - 00:39 GMT Location: New York
In an often tense series of exchanges, Goldman Sachs executives defended the bank against allegations by a US Senate subcommittee that its activities in physical commodities were a 'recipe for manipulation'. Read more

LME needs help regulating warehouses, Novelis says
November 20, 2014 - 19:56 GMT Location: New York
The London Metal Exchange 'needs help' in regulating its warehousing system, a senior executive at Novelis has said, calling on the US Commodity Futures Trading Commission to expand its regulatory scope. Read more

US Fed forced JP Morgan to sell Henry Bath, report shows
November 20, 2014 - 15:35 GMT Location: New York
The US Federal Reserve forced JP Morgan to sell its Henry Bath warehouse, rejected applications by Goldman Sachs and Morgan Stanley to trade physical iron ore, and refused an application by Goldman Sachs for a joint venture sugar plant in Brazil, a US Senate report revealed. Read more

Aluminium consumers paying over $6bn more due to high premiums, Novelis says
November 20, 2014 - 20:20 GMT Location: New York
Aluminium consumers are paying in excess of $6 billion more than they should because of artificially inflated metal premiums, a senior executive at Novelis has estimated. Read more

EU, Russian, Chinese buyers show interest in Metro, Goldman Sachs says
November 20, 2014 - 19:20 GMT Location: New York
Goldman Sachs has had expressions of interest in its warehouse business from parties in Europe, Russia and China, a bank executive has told a US Senate hearing. Read more

US senators call for tighter rules on banks in physical commodities
November 20, 2014 - 14:48 GMT Location: New York
US regulators should reduce exemptions that allow banks to own warehouses, consider banning exchange-traded funds in physical commodities and issue clear limits on financial holding companies' physical commodity activities, a bipartisan group of US senators has recommended. Read more

Goldman Sachs reiterates commitment to physical commodities trading
November 20, 2014 - 22:28 GMT Location: New York
Banker Goldman Sachs has reiterated its commitment to physical commodities trading but said it has no current plans to acquire additional physical assets. Read more

HOTLINE: Goldman's warehouse wait
November 19, 2014 - 22:08 GMT Location: New York
Just like many other metals market participants, Goldman Sachs has been stuck in a warehouse queue. Read more

HOTTER ON METALS: It's the carry, stupid
November 19, 2014 - 22:16 GMT Location: New York
It's the carry, stupid. Although Goldman Sachs was a lot more polite when explaining why it believes long queues to access metal stored in warehouses developed. Read more

Goldman Sachs says carry trade, not incentives, led to Detroit queues
November 19, 2014 - 22:04 GMT Location: New York
Financially motivated decisions, mostly by traders and hedge funds, led to queues at Goldman Sachs warehouse units in Detroit, not incentive payments or the movement of material between storage facilities, the US bank said. Read more

JP Morgan to tell hearing its focus is on commodity derivatives
November 19, 2014 - 22:13 GMT Location: New York
JP Morgan will refocus its commodities activities on financial derivatives and continue to operate in conformity with the appropriate regulations, the US bank will tell a US Senate hearing on Thursday. Read more

INTERVIEW: Taiwan's S&G Commodities Corp expects to start business in February 2015
November 18, 2014 - 02:28 GMT Location: Shanghai
S&G Commodities Corp (S&G), a Taiwanese warehouse company, expects to start business in February next year, Victor Huang, gm of the company told Metal Bulletin in an interview on Monday November 17. Read more

HOTTER ON METALS: Bank bashing is coming back
November 18, 2014 - 17:15 GMT Location: New York
It began with beer, popularly pitted Wall Street against Main Street and spurred a US class action lawsuit as well as a suit that involved one of the highest courts in the UK. Read more

LME launches consultation on changes to physical delivery network
November 07, 2014 - 16:14 GMT Location: London
The London Metal Exchange is consulting on changes to its physical delivery network and its warehouse agreement, the bourse said on Friday November 7. Read more 

Everything you need to know about the CME and LME Al contracts
November 03, 2014 - 16:20 GMT Location: London
As the CME Group's aluminium futures contract ends its sixth month of trading, Metal Bulletin looks at how it compares with the more established London Metal Exchange contract. Read more

European secondary aluminium prices dip on stock clearing
October 31, 2014 - 17:19 GMT Location: London
European secondary aluminium ingot prices dipped on Friday October 31, as some producers accepted lower prices for fourth-quarter delivery as they sought to clear stocks ahead of the year's end. Read more

LME aluminium spreads twist into backwardation; stockholders deliver
October 30, 2014 - 15:35 GMT Location: London
The London Metal Exchange cash-to-three-month aluminium spread settled in a $5/3.50 backwardation in the official session on Thursday October 30, compared with a $30 contango seen at the start of the month. Read more

HOTTER ON METALS: Warehousing is changing
October 22, 2014 - 15:05 GMT Location: London
Impala, the warehousing and logistics unit of Trafigura, signed a joint venture with Citic this week and announced it plans to delist from all but two London Metal Exchange-approved locations. Read more

Trafigura's Impala in MoU with Citic; delisting some LME locations
October 21, 2014 - 20:30 GMT Location: London
Trafigura Beheer BV's Impala Terminals has signed a Memorandum of Understanding with a subsidiary of Citic Securities, China's largest investment bank, to create a joint venture warehousing, logistics, freight forwarding and terminals business in China. Read more
 
What we learned from the LME seminar
October 21, 2014 - 15:13 GMT Location: London
Following the London Metal Exchange seminar on Monday October 20, here are a few of the things we learned... Read more
 
LME moves forward with LILO; says it will reassess capping rents in queues
October 08, 2014 - 16:20 GMT Location: London
The London Metal Exchange plans to implement the linked load-in/load-out (LILO) warehousing rule and to move forward with 'further warehousing reforms', the bourse has said. Read more

Rusal lays out reasons for appeal against LME warehousing ruling
October 08, 2014 - 15:41 GMT Location: London
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. Read more
 
Court of Appeal overturns judgment on LME warehousing rules
October 08, 2014 - 11:50 GMT Location: London
The UK Court of Appeal has upheld the London Metal Exchange's appeal against the High Court judgment on its consultation on warehousing rule changes. Read more

UK Court of Appeal to rule Wednesday on LME vs Rusal
October 07, 2014 - 18:30 GMT Location: New York
The UK Court of Appeal will issue a final verdict on a lawsuit between the London Metal Exchange and aluminium producer United Co Rusal on Wednesday October 8. Read more
 
European Al market heads for more traditional 'mating season'
October 02, 2014 - 17:05 GMT Location: London
European aluminium sellers are reporting a busy week without actually reporting many sales, as market participants prepare for a more traditional mating season in the last quarter of the year. Read more

CFTC review of LME aluminium contracts sought
September 30, 2014 - 02:21 GMT Location: New York
Three US senators have urged the Commodity Futures Trading Commission (CFTC) to review the London Metal Exchange, citing concerns with ongoing irregularities in the trading of aluminium contracts and warehousing practices. Read more

LME forges ahead on warehouse rules
September 23, 2014 - 15:50 GMT Location: Abu Dhabi
The London Metal Exchange is committed to new warehouse regulations and has a path forward, no matter what the UK appeals court decides next month, head of business development Matt Chamberlain told delegates at Metal Bulletin's 29th International Aluminium Conference in Abu Dhabi. Read more

Chamberlain defends LME's decision on rents
September 23, 2014 - 15:15 GMT Location: Abu Dhabi
London Metal Exchange head of business development Matt Chamberlain has defended the exchange's decision not to pursue changes to rental rates or regulations, which was a key point to UC Rusal's legal challenge to its proposal to alter warehouse load in/load out rules. Read more

LME 'absolutely committed' to aluminium premium contracts
September 23, 2014 - 16:45 GMT Location: Abu Dhabi
The London Metal Exchange is 'absolutely committed' to introducing its proposed aluminium premium contracts, head of business development Matt Chamberlain said at Metal Bulletin's 29th International Aluminium Conference in Abu Dhabi. Read more

HOTTER ON METALS: Brace yourselves for new LME fees
September 10, 2014 - 17:05 GMT Location: New York
The London Metal Exchange is publishing its 2015 fee schedule at the end of the month. Brace yourselves. Read more

HOTLINE: LME to hire sales head; favours direct talks with clients
September 05, 2014 - 13:11 GMT Location: Singapore
The London Metal Exchange is looking to hire a sales head to pitch its new products to clients, Hotline has learned. More 

LORD COPPER: LME at liberty to rethink its approach to warehouse queues
September 04, 2014 - 11:07 GMT Location: London
The US court decision granting the LME immunity from anti-trust suits suggests the rent-capping or banning route to clearing warehouse queues could be put back on the agenda. More

LME says aluminium premiums is next focus after LME Clear
September 04, 2014 - 06:20 GMT Location: Singapore
The London Metal Exchange is focused on the launch of an aluminium premiums contract, after getting approval from the Bank of England for its new clearing platform. More

LME OFFICIALS: Nickel prices rise on Philippines ore export ban idea
September 03, 2014 - 13:05 GMT Location: London
Nickel prices rose in official trading on the London Metal Exchange on Wednesday September 3, against flat or falling prices in the other base metals, after a Philippines senator called for an ore export ban in the nickel-rich nation. More

Banks seen likely to stay in commodities
September 03, 2014 - 03:25 GMT Location: New York
Financial institutions could remain active in commodities markets following the dismissal of antitrust litigation that accused major banks and the London Metal Exchange of conspiring to artificially inflate aluminium prices, according to several US-based aluminium traders. More

Tight, volatile spreads create uncertainty and hope for Europe's aluminium buyers
September 02, 2014 - 17:00 GMT Location: London
Tight and volatile spreads between nearby and forward aluminium prices on the London Metal Exchange have created uncertainty for buyers in Europe as they attempt to work out how to manage their physical purchases over the months ahead. More

Alumina prices rise as Atlantic market tightens

September 01, 2014 - 16:35 GMT Location: London
Metal Bulletin's fob Australia alumina index rose to $325 per tonne on Friday August 29, from $321 previously, as the availability of cargoes in the Atlantic region has plummeted in the past few weeks. More

US court dismisses remaining aluminium warehousing lawsuits
September 01, 2014 - 11:47 GMT Location: London
A US court has dismissed all of remaining claims in the class action lawsuits filed in the USA regarding aluminium warehousing, the Hong Kong Exchange confirmed on August 31. More

HOTTER ON METALS: LME's US antitrust warehouse worries fall away
August 28, 2014 - 16:09 GMT Location: New York
The recent US court ruling on the London Metal Exchange has removed the impediment to the exchange imposing ceilings on US warehouse rents. More

Shanghai copper premium widens on import financing difficulties
August 28, 2014 - 11:38 GMT Location: Singapore
China's copper premium range widened in a relatively quiet market this week, as market participants found it difficult to get financing for imports. More

HOTTER ON METALS: Court ruling on LME inevitable
August 28, 2014 - 06:13 GMT Location: New York
The dismissal of the London Metal Exchange from an antitrust lawsuit on the grounds that it is an organ of the UK government seems to have taken a few people by surprise. More

Citic Resources unit faces legal action over metals at Qingdao
August 28, 2014 - 05:52 GMT Location: Singapore
A Shanxi Coal International unit has filed a claim against a subsidiary of Citic Resources Holdings for $89.75 million plus interest for undelivered aluminium ingots, Citic Resources said. More

Rio Tinto offers Q4 MJP aluminium at $420/t
August 27, 2014 - 08:14 GMT Location: Singapore
Rio Tinto has offered aluminium to Japanese buyers for fourth quarter delivery at premiums 3-5% higher than current-quarter levels but $40 lower than UC Rusal's indicative offer, market participants involved in the talks told Metal Bulletin. Read more

Rusal swings to profit in Q2 as aluminium prices soar

August 27, 2014 - 05:05 GMT Location: Singapore
UC Rusal posted its first quarterly profit in over a year in the April-June 2014 period as earnings were boosted by rising aluminium prices and premiums. More

US District Court grants LME immunity from aluminium antitrust lawsuit
August 26, 2014 - 18:18 GMT Location: New York
The London Metal Exchange has been dismissed from a US antitrust lawsuit alleging manipulation of aluminium supplies to drive up prices, on the grounds of sovereign immunity. More


UC Rusal indicates $460/t premium for Q4 aluminium delivery to Japan
August 22, 2014 - 11:38 GMT Location: Singapore
UC Rusal's initial aluminium premium offers to Japanese buyers are 13-15% higher than the current-quarter premiums, market participants told Metal Bulletin, describing the hike as too high. Read more

Market still bullish on Midwest aluminium premium
August 22, 2014 - 04:07 GMT Location: New York
Midwest aluminium premiums held their ground this week, with market participants noting that industry sentiment was leaning toward steady or higher premium levels through the fall. Read more

Japanese aluminium premiums stay firm in stable market
August 20, 2014 - 06:22 GMT Location: Singapore
Aluminium premiums in Japan were firm this week with sellers describing a global rise in premiums and consumers resisting purchases with London Metal Exchange aluminium prices near $2,000 per tonne. More

Aluminium spreads choppy ahead of vital third Wednesday
August 19, 2014 - 15:40 GMT Location: London
Aluminium spreads continued to evince high volatility ahead of the third Wednesday prompt date, and some market participants now expect financing deals to start winding down, and more metal to become available in the second half of this year. More

Output cuts driving aluminium price rise, analyst says
August 19, 2014 - 04:01 GMT Location: New York
Global production curtailments are driving a recent spike in domestic and international aluminium prices, according to Morgan Stanley Research analyst Adam Longson. More

Impala, Citic units will resolve dispute via London Maritime Arbitration Assn
August 18, 2014 - 12:10 GMT Location: London
Impala Warehousing & Logistics (Shanghai) Co will resolve a dispute with Citic Australia Commodity Trading through the London Maritime Arbitrators' Assn (LMAA), according to court documents seen by Metal Bulletin. More

US Midwest aluminium premiums trend upward
August 15, 2014 - 06:15 GMT Location: New York
Midwest aluminium premiums ticked higher this week, with market participants saying that elevated premiums in Brazil and Japan, coupled with continued issues related to higher domestic freight charges, had prompted sellers to test the upper limits of the market. More

LME aluminium spread widens after tightening through July
August 14, 2014 - 11:20 GMT Location: London
The cash-to-three-month aluminium spread on the London Metal Exchange loosened this week after tightening throughout July, easing concerns that there might be large-scale movements of stocks onto the market. More

HOTTER ON METALS: Premium contracts? Queue warehouses need not apply
August 13, 2014 - 16:25 GMT Location: New York
Warehouse firms, take note: if you have a queue, you won't be able to play the new premium contracts game. More

LME will consult on way to protect premium contract from queues
August 12, 2014 - 19:16 GMT Location: New York
The London Metal Exchange has come up with a mechanism designed to protect users of its planned premiums contracts from warehouse queues and is gearing to consult members, according to documents seen by Metal Bulletin. More 

LME earnings down 17% in H1 as staff, lawsuit costs rise, HKEx says
August 06, 2014 - 07:37 GMT Location: Shanghai
The London Metal Exchange posted a 17% fall in earnings for the first half of the year, as staffing and legal expenses offset higher revenues from a rebound in trading volumes. Read more

UK Court of Appeal delays LME/Rusal judgment
July 30, 2014 - 15:12 GMT Location: London
The UK's Court of Appeal has reserved judgment to a later date on the London Metal Exchange's appeal against the High Court ruling that forced it to abandon planned new warehouse rules earlier this year. Read more

HOTTER ON METALS: LME, Rusal await Court of Appeal verdict

July 29, 2014 - 17:25 GMT Location: New York
Changes to the London Metal Exchange's warehousing rules could kick in by the end of the year if the exchange wins an appeal at the Court of Appeal in the UK this week. Read more

LME OFFICIALS: Aluminium price tops $2,000 for first time since 2013
July 21, 2014 - 15:11 GMT Location: London
Aluminium prices breached $2,000 per tonne in an otherwise subdued official trading session on the London Metal Exchange on Monday July 21. Read more

LME, banks face another zinc lawsuit
July 14, 2014 - 06:01 GMT Location: New York
Galvanizers Co has filed a class-action lawsuit against the London Metal Exchange, Glencore
Xstrata, Goldman Sachs Group, JPMorgan Chase & Co and their respective warehousing units
over alleged warehouse manipulation that it claims has driven up US zinc premiums
. Read more

Zinc consumers in USA react to shorter LME wait times
July 09, 2014 - 04:51 GMT Location: New York
US-based zinc consumers are not rushing to buy material from London Metal Exchange zinc warehouses despite dwindling queues, sources told Metal Bulletin sister title AMM. Read more

Goldman Sachs may have to accept lower price for Metro
May 21, 2014 - 15:01 GMT Location: London
Goldman Sachs may have to accept a discounted price for its Metro warehousing business due to uncertainties over the industry's regulatory and political situation, sources said. Read more

HOTTER ON METALS: LME must win appeal, then win hearts and minds
May 20, 2014 - 15:45 GMT Location: New York
If the recent statement by the UK Court of Appeal is anything to go by, it looks like the London Metal Exchange is set to win its defence against a suit on warehousing brought by UC Rusal. Read more

UK courts grant LME leave to appeal Rusal warehouse ruling
May 15, 2014 - 10:33 GMT Location: London
The UK Court of Appeal has granted the London Metal Exchange leave to appeal an earlier ruling in a case brought by Rusal over the exchange's consultation on proposals to limit warehouse queues. Read more

Rusal confident Court of Appeal will take its side in LME appeal
May 15, 2014 - 15:20 GMT Location: London
UC Rusal is "confident" the UK Court of Appeal will agree with its position on London Metal Exchange's consultation on proposals to limit warehouse queues, director of corporate communications Vera Kurochkina has said. Read more

LME data shows 748-day wait for Al in Pacorini's Vlissingen sheds
May 13, 2014 - 12:09 GMT Location: London
There was a 748-day wait to withdraw aluminium from Pacorini's warehouses in Vlissingen at the end of April, according to the London Metal Exchange. Read more

HOTLINE: Pacorini enlists Sherlock Holmes to argue its case
April 25, 2014 - 19:53 GMT Location: New York
What do a US lawsuit, a warehousing company and a silent dog have in common? Read more

LME set to launch commitments of traders reports in July
April 25, 2014 - 17:00 GMT Location: London
The London Metal Exchange has laid out plans to launch commitments of traders (CoT) reports measuring shifts in positions in its metals contracts held by money managers, brokers and physical users of the exchange. Read more

LME asks US court to dismiss 'absurd' aluminium lawsuits
April 25, 2014 - 04:30 GMT Location: New York
The London Metal Exchange has asked a US judge to dismiss claims of misconduct related to the aluminium market for a variety of reasons, including that the court lacks jurisdiction over the exchange. Read more

US House judiciary chairman rips CFTC, LME
April 11, 2014 - 05:29 GMT Location: Chicago
US House Judiciary Committee chairman Rep. Bob Goodlatte (R., Va.) ripped the US Commodity Futures Trading Commission (CFTC) and the London Metal Exchange for what he said was a "slow" response to long waits for aluminium at exchange-listed warehouses. Read more

LME considers High Court appeal
April 07, 2014 - 17:57 GMT Location: London
The London Metal Exchange has not ruled out appealing the recent UK High Court decision that forced it to delay the implementation of planned changes to its warehousing rules, it said in a notice on Monday April 7. Read more

HOTTER ON METALS: Russian rent roulette
April 01, 2014 - 12:14 GMT Location: New York
The London Metal Exchange might find that capping rent in warehouse queues is legally possible. Read more

LORD COPPER: What to do about the Al market?
April 01, 2014 - 17:15 GMT Location: London
The aluminium market just doesn't seem to get any healthier, despite lots of whistling in the dark by various participants. Read more

LORD COPPER: I told you so...
April 01, 2014 - 17:50 GMT Location: London
The court ruling in favour of Rusal and against the London Metal Exchange over the intended new load-in, load-out warehouse rules seems to have come as something of a surprise to many. Read more

LME needs to make sure market stays transparent - Rusal
March 31, 2014 - 15:00 GMT Location: London
Any solution for long London Metal Exchange warehouse queues should ensure the market is transparent and easy to read, according to Steve Hodgson, director of sales and marketing at Rusal. Read more

Drawdowns at backlogged ports to continue after Rusal court win
March 27, 2014 - 17:13 GMT Location: London
Warehouse companies will not start to bid aggressively for metal and rebuild queues following the UK High Court's decision to quash the London Metal Exchange's measures to cut load-out waiting times. Read more

HOTTER ON METALS: Judge buys warehouses time, not metal
March 27, 2014 - 16:17 GMT Location: New York
The delayed implementation of the London Metal Exchange's warehousing rules has bought warehouse companies some time, but do not expect a resurgence of metal into storage. Read more

TIMELINE: Rusal vs LME as it happened
March 27, 2014 - 16:16 GMT Location: London
So, the judgment has been given and the London Metal Exchange's consultation on changes to its warehousing policy was "so unfair as to be unlawful" and its decision to implement the linked load-in load-out rate for warehouses has been quashed by the UK High Court. Here is a breakdown of the key events leading up to the ruling. Read more

Novelis 'disappointed' with LME-Rusal outcome
March 27, 2014 - 15:03 GMT Location: London
Downstream aluminium producer Novelis has said it is "disappointed" with the decision from the UK High Court to quash the London Metal Exchange's decision to bring in linked load-in load-out rates for its warehouses. Read more

The Rusal-LME judgment in detail
March 27, 2014 - 14:30 GMT Location: London
The London Metal Exchange's consultation on changes to its warehousing policy was "so unfair as to be unlawful" and its decision to implement the linked load-in load-out rate for warehouses has been quashed, Mr Justice Phillips said in his judgment on Rusal's claims against the exchange. Read more

Al consumer reactions to LME ruling reveal varying positions
March 27, 2014 - 13:32 GMT Location: London
Consumer reactions to the UK High Court ruling that has prompted the London Metal Exchange to delay the implementation of its new warehouse rules have revealed the varying stances they had taken ahead of the ruling. Read more

UPDATE: LME load-in load-out policy will not go ahead on April 1; Rusal 'welcomes decision'
March 27, 2014 - 11:01 GMT Location: London
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. Read more

Traders see Al premiums shooting up again following court ruling
March 27, 2014 - 11:48 GMT Location: London
European primary aluminium premiums will rise again on short covering following the judgment of the UK High Court that has prompted the London Metal Exchange to delay the implementation of its new warehouse load-out rules, traders said. Read more

LME Al stocks rise by record 210,000 tonnes in one day
March 19, 2014 - 16:03 GMT Location: London
Aluminium stocks in London Metal Exchange-listed warehouses leapt by nearly 210,000 tonnes on Wednesday March 19, the largest single-day stock build in the exchange's history. Read more

CME Group to launch North American physically delivered aluminium contracts
March 18, 2014 - 14:18 GMT Location: New York
CME Group is to launch North American physically delivered aluminium futures contracts from May 5, pending all regulatory approvals. Read more

HKEx named co-defendant in US class action lawsuits
March 17, 2014 - 04:12 GMT Location: Singapore
The Hong Kong Exchanges & Clearing (HKEx) has been named a co-defendant in the US class action lawsuits alleging increasing wait time for aluminium and manipulation of prices on the London Metal Exchange, the bourse said on Friday March 14. Read more

HOTLINE: LME leaves producers off invite to air views on logistics
March 06, 2014 - 12:02 GMT Location: London
The London Metal Exchange left producers off the list of named stakeholders it is inviting to participate in its logistical review, although the exchange assured Hotline that they can contribute. Read more

RUSAL v LME: Claim exchange policy decision was to prevent reputation harm 'wholly absurd'
February 28, 2014 - 07:21 GMT Location: London
Rusal's claim that the London Metal Exchange's decision to implement a policy aimed at shortening warehouse queues was made because inaction would harm its reputation is "wholly absurd", the UK High Court was told on Thursday February 27. Read more

RUSAL v LME: Warehousing proposals came from Charles Li, consultation was unfair, court told
February 27, 2014 - 08:20 GMT Location: London
The London Metal Exchange's soon-to-be implemented policies on warehouse load-in and load-out rates originated with Charles Li, ceo of owner HKEx, and may have been connected with a desire to be seen not to be "doing nothing", the UK High Court was told on Wednesday February 26. Read more

HOTTER ON METALS: The delistings double-bind
February 13, 2014 - 22:05 GMT Location: New York
This week, a total of 22 London Metal Exchange-approved warehouses were delisted. Read more

Glencore Xstrata's Pacorini delists 14 warehouses in Vlissingen
February 12, 2014 - 04:18 GMT Location: Singapore
Glencore Xstrata's warehousing arm Pacorini Metals has delisted 14 warehouses in Vlissingen, The Netherlands, the London Metal Exchange said in a notice on Tuesday February 11. Read more

UPDATED: Trafigura's Impala delists eight LME warehouses in Antwerp
February 11, 2014 - 09:55 GMT Location: Singapore
Commodities trading firm Trafigura's warehousing unit Impala Terminals UK Ltd has delisted eight LME warehouses in Antwerp, Belgium, according to a London Metal Exchange member notice on Monday February 10. Read more

CWT lists LME warehouse in Kaohsiung, Taiwan
February 11, 2014 - 04:43 GMT Location: Singapore
CWT Commodities became the fifth LME warehouse operator in Kaohsiung, Taiwan, this month, Metal Bulletin understands. Read more

Pacorini, BTG Pactual approved at Owensboro Riverport
January 31, 2014 - 17:30 GMT Location: London
Pacorini Metals of Baltimore and BTG Pactual have been approved by the Owensboro Riverport Authority (ORA) in Kentucky for the storage of aluminium. Read more

LME rules changes may fuel 'invisible' stocks
January 16, 2014 - 04:52 GMT Location: Fort Lauderdale
Changes to London Metal Exchange warehouse rules may have the unintended consequence of driving millions of tonnes of aluminium out of exchange-listed sheds and into "invisible" stocks, according to industry observers. Read more

CFTC eyes warehousing after LME foreign board of trade application
January 15, 2014 - 21:04 GMT Location: New York
The London Metal Exchange has applied to be a foreign board of trade in the US, a move that has led to increased scrutiny by the US regulator of its warehousing system. Read more

Alcoa has 'no plans' to file warehousing lawsuit
January 10, 2014 - 06:31 GMT Location: New York
US aluminium producer Alcoa said it has no plans to file a lawsuit against the London Metal Exchange over the latter's proposed changes to its warehousing rules. Read more

LME will go ahead with warehouse investigation, enforcement changes
January 02, 2014 - 14:42 GMT Location: London
The London Metal Exchange will go ahead with changes to its warehouse agreement and approval policy after a further consultation with shed owners, it said. Read more

Storage fee rises lower than previous year after LME urges restraint
December 31, 2013 - 18:25 GMT Location: London
Rent increases at LME-approved warehouses will be lower in 2014, after the London Metal Exchange urged warehouses to show restraint, the exchange has said. Read more

LME warehousing policy 'breaches Rusal's human rights' - source
December 24, 2013 - 10:29 GMT Location: London
UC Rusal has claimed the London Metal Exchange's decision to implement a new warehousing policy breaches its rights under the European Convention on Human Rights, a source close to the company said. Read more

LME to go ahead with proposed warehousing policy changes, will contest Rusal's claims
December 24, 2013 - 08:02 GMT Location: Singapore
The London Metal Exchange will go ahead with its proposed changes to warehousing policy aimed at cutting queues for metals, even as aluminium producer Rusal has challenged it, the owner of the bourse said on Tuesday December 24. Read more

Trafigura on refined metals: welcomes changes in LME rules
December 16, 2013 - 09:44 GMT Location: Singapore
The forthcoming changes to the London Metal Exchange's warehousing rules should be beneficial to the refined metal markets that Trafigura operates in, the company said in its first publically available results report. Read more

LME approves ICL for first warehouse in Dutch town of Moerdijk
December 16, 2013 - 05:39 GMT Location: Singapore
Independent Commodities Logistics BV (ICL) has received approval from the London Metal Exchange for the first warehouse in Moerdijk, Netherlands, the exchange informed its members on Friday December 13. Read more

INTERVIEW: LME warehouse changes will push more metal off-warrant, Rusal executive says
December 05, 2013 - 20:17 GMT Location: New York
The new London Metal Exchange warehouse rules will lead to a flow of aluminium to off-warrant storage but will not address consumers' complaints against high physical premiums, a senior executive at UC Rusal has said. Read more

NEMS says its new warehouse in SHFTZ is filling up fast
November 26, 2013 - 12:24 GMT Location: Singapore
Impala North European Marine Service's (NEMS) new bonded warehouse in Yangshan in the Shanghai Free Trade Zone (SHFTZ) is filling up with metal, the company said. Read more

European Al consumers start booking for 2014 as warehouse clamour subsides
November 19, 2013 - 14:25 GMT Location: London
European aluminium consumers are now signing supply contracts for the first half of next year, after realising that any further effect on premiums from the London Metal Exchange's new warehousing rules will not be felt until the second quarter of 2014. Read more

HOTTER ON METALS: Who'd be in warehousing?
November 14, 2013 - 21:27 GMT Location: New York
Warehousing has been one of the most lucrative businesses in the metals industry for the past few years. Read more

New warehousing rules will create rebalancing of stocks - Credit Suisse
November 14, 2013 - 14:45 GMT Location: London
The effects of the new London Metal Exchange rules on warehousing will not be "earth shattering", analysts at Credit Suisse said in a note on Thursday November 14 - but they should lead to a rebalancing of stock levels. Read more

New LME rules won't solve Al queues overnight, will increase volatility - Barclays
November 13, 2013 - 14:58 GMT Location: Miami
Queues to get metal from London Metal Exchange warehouses won't vanish overnight and material starting to flow into off-warrant locations will likely lead to extra price volatility, Nicholas Snowdon of Barclays Capital said. Read more

LME rules to sink US premiums, Century ceo says
November 13, 2013 - 02:55 GMT
The new London Metal Exchange warehouse policies aimed at slashing queues for metal will also cause a drop in US midwest aluminium premiums, according to Century Aluminium's top executive. Read more 

Regional aluminium premiums will fall on LME rules, Novelis ceo says
November 12, 2013 - 04:22 GMT Location: Chicago
Regional aluminium premiums should gradually decrease to levels last seen 18 to 24 months ago or even four to five years ago - due to the new London Metal Exchange warehouse policies, Philip Martens, Novelis chairman and ceo, said. Read more

LME WAREHOUSING: How warehousing affects the metals market
November 11, 2013 - 12:17 GMT Location: London
The London Metal Exchange's three-month consultation on warehousing reform amounts to one of its biggest engagements with the metals market on any single issue. Read more

LME WAREHOUSING: LME's view on warehousing, warrant trading, and 'cynical' CoT requests
November 11, 2013 - 12:03 GMT Location: London
Here are three key excerpts from the London Metal Exchange's 76-page write-up of its warehousing consultation that reveal the exchange's position on the major issues. Read more 

LME WAREHOUSING: How might the system be gamed?
November 11, 2013 - 11:31 GMT Location: London
One common reaction to the London Metal Exchange's consultation on warehousing was that warehousekeepers and their owners will try to circumvent the rules. Here are two excerpts from the LME's consultation report that outline how it intends to stop them from doing so. Read more

HOTTER ON METALS: LME talks tough on warehousing 'abuse'
November 08, 2013 - 05:00 GMT Location: New York
The London Metal Exchange isn't just rewriting the rules on warehousing, it is going to make sure that they are obeyed in spirit and in letter. Read more

North American aluminium market encouraged by LME rules
November 11, 2013 - 04:13 GMT Location: Chicago
Aluminium consumers and some North American aluminium producers applauded sweeping changes announced on November 7 by the London Metal Exchange. Read more

Alcoa asks LME for timeframe on steps to improve transparency
November 08, 2013 - 01:55 GMT Location: New York
US aluminium producer Alcoa has called on the London Metal Exchange to provide a clear timeline in which it plans to implement changes to create a more transparent marketplace. Read more 

HOTTER ON METALS: LME promises to guard against cost rises for warehouse users
November 07, 2013 - 17:30 GMT Location: New York
The London Metal Exchange has laid down the gauntlet to warehouse companies over increasing rent and other charges, effectively saying: go on, we dare you. Read more

LME cuts queue limit to 50 days in sweeping reform of warehouse network
November 07, 2013 - 09:26 GMT Location: London
The London Metal Exchange has shortened the limit on the length of queues it will permit at individual warehouse locations to 50 days, down from a 100-day limit it proposed in July. Read more

Al buyers in Europe ready to book short-term if LME announcement delayed
October 29, 2013 - 15:00 GMT Location: London
European aluminium consumers will sign short-term deals for the first quarter of 2014 if the London Metal Exchange's forthcoming announcement on its new warehousing rules is delayed, as they continue to wait to book 2014 business. Read more

LME makes decision on warehousing rules; announcement in due course
October 25, 2013 - 15:02 GMT Location: New York
The board of the London Metal Exchange has come to a decision on its warehousing rules but isn't planning to make an announcement on them just yet. Read more

HOTTER ON METALS: Warehousing D-Day
October 25, 2013 - 08:43 GMT Location: New York
Decision day is here for the board of the London Metal Exchange, with its executives facing a very delicate balancing act. Read more

LME WEEK: FCA backs LME warehousing consultation
October 09, 2013 - 11:30 GMT Location: London
The UK's Financial Conduct Authority (FCA) stressed the importance of the warehousing consultation by the London Metal Exchange, and the need to maintain integrity and transparency in the market on Tuesday October 8. Read more

Charles Li pays tribute to 'chiefs of tribes' on LME user committee
October 08, 2013 - 18:18 GMT Location: London
Hong Kong Exchanges & Clearing (HKEx) ceo Charles Li wants to ensure that the London Metal Exchange user committee remains active and representative of the metal industry, he said at the LME seminar on Monday October 7. Read more

Impossible to please everyone on warehousing says Charles Li
October 07, 2013 - 14:55 GMT Location: London
It will be impossible to please the entire market on warehousing issues, Hong Kong Exchanges and Clearing (HKEx) ceo Charles Li said during the London Metal Exchange seminar on October 7. Read more

HOTTER ON METALS: The LME warehouse debate is not yet over
October 04, 2013 - 14:34 GMT Location: London
Those expecting the London Metal Exchange to reveal the final result of its warehouse consultation during the annual LME Week will be disappointed. Read more

LME warehousing proposals 'unfair, insufficient' - Eurofer
October 03, 2013 - 16:52 GMT Location: London
European steel association Eurofer has said the steel industry on the continent has "serious concerns" about the new rules put forward in the London Metal Exchange's consultation on changes to its warehouses policy, released on July 1. Read more

HOTLINE: Time to really utilise the LME user group
October 02, 2013 - 13:22 GMT Location: London
When Charles Li set up the London Metal Exchange User Group, he said it was to ensure that industry views were reflected in the exchange's future decision-making process. Read more

Novelis's Madden calls for return to 1990s supply discipline in aluminium
October 01, 2013 - 11:01 GMT Location: London
Novelis's chief supply chain officer Nick Madden has called on the aluminium industry to take decisive action to restore the market's supply balance, in the same way as governments did 20 years ago by signing a memorandum of understanding (MoU) to make simultaneous cuts in aluminium production. Read more

Goldman, LME hit with further legal action over aluminium stocks
September 30, 2013 - 09:38 GMT Location: New York
Goldman Sachs Group, two of its subsidiaries and the London Metal Exchange have been hit with another antitrust lawsuit alleging that they conspired to boost wait times for aluminium and to manipulate metal prices and premiums. Read more

Talan hits Goldman, LME with another suit
September 19, 2013 - 10:06 GMT Location: Chicago
Goldman Sachs Group, some of its subsidiaries and the London Metal Exchange have been slapped with another antitrust lawsuit alleging that they conspired to restrain aluminium supplies, inflate aluminium prices and manipulate Midwest premiums. Read more

Banks fight back with warning over withdrawal from commodity markets
September 19, 2013 - 17:28 GMT Location: London
The withdrawal of US banks from commodity markets will have a detrimental effect on market liquidity, increase volatility and leave consumers, producers and traders heavily exposed to fluctuations in commodity prices, according to a new report commissioned by a banking lobby group. Read more

MB AL CONF: Rusal supports Alcoa's proposals for increased transparency on LME
September 18, 2013 - 12:13 GMT Location: Geneva
UC Rusal would like the London Metal Exchange to extend its consultation into warehousing and postpone the introduction of its proposed rule changes. Read more

MB AL CONF: Lawsuits against LME will be hotly contested by plaintiffs
September 18, 2013 - 17:27 GMT Location: Geneva
The five class action lawsuits filed against the London Metal Exchange, Goldman Sachs and others will be hotly contested by plaintiffs, delegates at Metal Bulletin's 28th Aluminium conference in Geneva heard. Read more

SPOTLIGHT: Alcoa letter to LME - sensible solution or defensive measure?
September 16, 2013 - 15:13 GMT Location: London
Alcoa's open letter to the London Metal Exchange on the state of the aluminium market has met with mixed responses, with some participants backing the call for regional premium contracts and others seeing only a producer protecting its interests in the current system. Read more

Kloosterboer, WWS list LME sheds for copper in Pacorini's Vlissingen stronghold
September 16, 2013 - 19:38 GMT Location: London
Warehousing companies Kloosterboer and Worldwide Warehouse Solutions have listed London Metal Exchange sheds in Vlissingen as delivery points for copper. Read more

Alcoa calls for regional aluminium premiums, not new warehouse rules
September 11, 2013 - 19:52 GMT Location: New York
The aluminium market's issues could be fixed by new regional premium contracts and transparent data reporting, not by the proposed changes to London Metal Exchange warehousing rules which will only complicate and prolong the situation, according to US producer Alcoa. Read more

MILLING ABOUT: Ong-Seng to be LME complaints officer
September 11, 2013 - 18:51 GMT Location: London
The London Metal Exchange has appointed Nick Ong-Seng complaints officer, replacing Diarmuid O'Hegarty in the role. Read more

PROFILE: 'We're waiting for the aluminium industry to do its homework,' Deripaska says
September 03, 2013 - 18:20 GMT Location: Moscow
UC Rusal's ceo is a great believer in producer discipline to balance aluminium supply and demand, Andrea Hotter reports in the new Metal Bulletin Monthly magazine. Read more

Three warehousing companies to set up shop in Taiwan from November
August 21, 2013 - 17:48 GMT Location: London
A total of three warehousing companies will have London Metal Exchange-listed sheds in Kaohsiung, Taiwan as of November 21 this year, the exchange has said. Read more

HOTTER ON METALS: Let's get physical
August 21, 2013 - 08:31 GMT
Commodities, unlike stocks and bonds, are tangible assets. Read more

EXPERT VIEW: Pressure can only grow for warehousing changes - Clyde's Whittaker
August 19, 2013 - 12:04 GMT Location: London
Pressure for changes in London Metal Exchange warehousing practices is set to step up following the lawsuits in the USA and an investigation by the Commodity Futures Trading Commission (CFTC) and the US Department of Justice, writes John Whittaker, a partner at Clyde & Co Commodities. Read more

US Fed review of banks critical for commodities
August 15, 2013 - 21:53 GMT Location: New York
An investigation by the USA's commodities regulator into the role of investment bank Goldman Sachs in metals warehousing will probably go on for months, if not years, but a banking review by the US Federal Reserve Bank (the Fed) could push banks out of physical commodities completely. Read more

VIDEO: The impact of banks owning warehouses
August 13, 2013 - 15:00 GMT Location: London
Two US lawsuits filed in the past week have challenged the ownership of LME-listed warehouse companies by banks, accusing the likes of Goldman Sachs and JP Morgan of "manipulation of the aluminium market", "collusive practices" and "racketeering activity". Metal Bulletin reports on the real impact of bank ownership of warehouses on the aluminium market. Read more

Goldman Sachs faces two more lawsuits
August 12, 2013 - 06:12 GMT Location: New York
Goldman Sachs Group, along with its warehousing firm Metro International Trade Services and electricity distributor subsidiary GS Power Holdings LLC, have been hit with two more lawsuits for allegedly restraining aluminium supplies and deliberately inflating aluminium prices, including the Midwest transaction premium price. Read more

Independent Commodities Logistics gets LME warehouse approval for Rotterdam
August 09, 2013 - 15:56 GMT Location: New York
Independent Commodities Logistics BV (ICL) has received London Metal Exchange approval for a warehouse in Rotterdam, and plans to offer warranting services to clients of the EuroRijn Group and affiliates mainly operating out of nearby Moerdjik port, the company said. Read more

REPRINT: No clear solution to warehouse queues - LME exec
August 09, 2013 - 11:50 GMT Location: Coronado, California
[This article was originally published on January 22. It is being republished to add context to the lawsuits being filed in the USA.] Read more

Goldman, JP Morgan hit with aluminium antitrust case
August 07, 2013 - 18:15 GMT Location: New York
US banks JP Morgan Chase & Co and Goldman Sachs Group, along with commodities group Glencore Xstrata and the London Metal Exchange, are being sued for allegedly manipulating the aluminium market through price fixing and deliberately restraining the flow of material exiting LME -listed warehouses. Read more

HOTTER ON METALS: Superior Extrusion case puts physical market on trial
August 06, 2013 - 19:40 GMT Location: New York
The debate over London Metal Exchange warehousing has had class-action lawsuit written all over it for some time. Read more

WAREHOUSING: Getting the facts right
August 05, 2013 - 18:40 GMT Location: London
The debate about aluminium premiums and the LME warehousing system has escalated in recent weeks with interventions by US politicians, Goldman Sachs and most recently a class action lawsuit in the USA against the bank and the exchange itself on allegations of anti-competitive behaviour - which makes it even more important to get the basic facts right. Read more

LME needs overhaul of warehouse locations - Rusal ceo
August 05, 2013 - 17:40 GMT Location: Moscow
The London Metal Exchange should be focused on building a warehouse network that reflects key consumption locations, not adjusting the existing network's rules, the ceo of Russian aluminium producer UC Rusal told Metal Bulletin. Read more

Seasoned campaigners will push on through aluminium's summer storms
August 05, 2013 - 11:00 GMT Location: London
The summer storm that has shaken the London Metal Exchange, some of its members and warehousing firms had not blown itself out as August began. Read more

Goldman Sachs, LME face US lawsuit over aluminium warehousing
August 05, 2013 - 03:24 GMT Location: New York
Goldman Sachs and the London Metal Exchange each plan to vigorously contest a lawsuit alleging anti-competitive behaviour in warehousing in connection with aluminium. Read more

Goldman Sachs' swap offer 'no benefit to Novelis' says Madden
August 02, 2013 - 13:25 GMT Location: London
Novelis and other aluminium consumers will not benefit from Goldman Sachs' offer to swap metal in warehouse queues with available material, as they have no metal in the queues, Nick Madden, senior vp and chief supply chain officer at Novelis, told Metal Bulletin. Read more

HOTLINE: Nickel stocks frame arguments over aluminium queues
August 02, 2013 - 13:00 GMT Location: London
In the midst of the recent mudslinging, it has until now gone unnoticed that there is more nickel stored on the London Metal Exchange than there is aluminium, relative to the size of the two markets. Read more

IN-DEPTH: Goldman Sachs' swaps offer rebuts consumer claims
August 01, 2013 - 16:25 GMT Location: London
Goldman Sachs' offer to provide end-users with "immediately available aluminium", in exchange for warrants stuck in delivery queues, is a deliberate plan to refute the testimonies given to a US senate subcommittee on warehousing, sources said. Read more

MB's NEXT 100: Never mind queues, do away with tariffs on primary aluminium says Malcolm McHale
August 01, 2013 - 15:05 GMT Location: Newport, Wales
As part of Metal Bulletin's Next 100 series of articles looking at the future of metals and mining, Malcolm McHale, president of the Federation of European Aluminium Consumers (Face) considers the effect of aluminium tariffs on the European market. Read more

Aluminium premiums to drop on LME rules - Century ceo
August 01, 2013 - 09:55 GMT Location: Chicago
Regional US aluminium premiums, including midwest premiums, are likely to drop in response to proposed changes to London Metal Exchange warehousing policies, according to Century Aluminum's top executive. Read more

Goldman Sachs offers aluminium to defuse LME row
August 01, 2013 - 09:11 GMT Location: Chicago
Goldman Sachs Group will provide end-users with "immediately available aluminium" after criticisms over long waits for metal at warehouses. Read more

Market sees fire sale ahead as banks pull out of warehousing businesses
July 30, 2013 - 10:10 GMT Location: London
JP Morgan understands the corrosive effect that political and regulatory scrutiny can have on perceptions of value better than most participants in the metals markets. Read more

LORD COPPER: Today's newspapers are tomorrow's fish-and-chip paper
July 29, 2013 - 17:05 GMT Location: London
With the topic of LME aluminium warehousing splashed all over the news in recent days, there are those who will be grateful to be reminded that today's newspapers are tomorrow's fish-and-chip paper. Read more

HOTLINE: Pirates of the Senate Hearing hear a rum tale about delivery
July 29, 2013 - 10:05 GMT Location: London
Anyone listening to the US Senate hearings on the involvement of banks in physical commodities might have thought Johnny Depp was about to swing into sight in full pirate regalia. Read more

COMMENT: Summer storm rattles sheds, owners and exchange
July 26, 2013 - 16:10 GMT Location: London
Summer is not just for shelling peas, as the London Metal Exchange, some of its members and licensed warehousing firms found out over the past week. Read more

JP Morgan mulls sell-off of physical commodities businesses
July 26, 2013 - 20:32 GMT Location: New York
JP Morgan Chase & Co is considering selling its physical commodities businesses, including its remaining holdings of commodities assets and its physical trading operations. Read more

HOTTER ON METALS: Aluminium mathematics
July 26, 2013 - 04:53 GMT Location: New York
How can a near-40% decline in outright aluminium prices since the financial crisis end up costing buyers of the metal some $3 billion per year? Read more

Alcoa calls on LME to improve transparency in US Senate filing
July 25, 2013 - 13:00 GMT Location: New York
US aluminium producer Alcoa has called on the London Metal Exchange to improve transparency by establishing trading reports that reveal the nature of market participants. Read more

INTERVIEW: LME must boost confidence in price discovery process, says Alcoa ceo
July 25, 2013 - 13:00 GMT Location: New York
Aluminium market transparency has been a hot topic in producer circles over the past year, as concerns over confidence in the London Metal Exchange's price-discovery processes were raised, the ceo of Alcoa told Metal Bulletin. Read more

SPOTLIGHT: Unlike aluminium, physical market will support zinc premiums if incentives end
July 24, 2013 - 13:00 GMT Location: London
Regional zinc premiums are likely to remain supported, even if the incentives that warehouse companies have offered to attract metal towards the back of the queues in Vlissingen, Detroit, New Orleans and Antwerp drop or are withdrawn altogether. Read more

US Senate hearing slams LME, banks, regulators
July 23, 2013 - 22:18 GMT Location: New York
The chairman of a US Senate subcommittee has slammed the London Metal Exchange, a number of its bank members and the US Federal Reserve for their roles in influencing and overseeing the physical commodities market. Read more

Metro does not deliberately create aluminium shortages - Goldman Sachs [UPDATED]
July 23, 2013 - 20:34 GMT Location: New York
Goldman Sachs is not deliberately creating aluminium shortages and moving metal from one warehouse to another in order to earn more rent fees, the US bank said on Tuesday July 23. Read more

LME cannot cap warehouse rents, dictate ownership
July 23, 2013 - 19:17 GMT Location: New York
The London Metal Exchange is working to address the delivery obligations at its approved warehouse network, but is not legally able to cap rental charges or dictate who owns warehousing companies, the bourse said on Tuesday July 23. Read more

New warehouse rules will hit aluminium supply
July 23, 2013 - 16:01 GMT Location: London
The London Metal Exchange's recently proposed changes to the rules regarding its warehousing system have been described as 'game-changing' by sources in the physical aluminium market, who expect a major impact on supply levels. Read more

HOTTER ON METALS: Watch out, Senators; bank bashing comes with a health warning
July 23, 2013 - 02:57 GMT Location: New York
Be careful what you wish for. That's the message Randall Guynn, a partner and head of the financial institutions group at law firm Davis Polk & Wardwell LLP, will serve on Tuesday July 23 to the US Senate committee taking a look at the involvement of banks in physical commodities. Read more

LME warehouse system 'cost aluminium consumers $3bn' [CORRECT]
July 23, 2013 - 02:54 GMT Location: New York
The London Metal Exchange warehouse system is costing companies that buy aluminium billions of dollars extra each year as a result of lengthy queues and high premiums paid for metal, according to senior executive at US brewer MillerCoors. Read more

Warehouses back away from incentives
July 22, 2013 - 17:30 GMT Location: New York
After months of paying high incentives to get aluminium, zinc and copper into storage, warehouse firms have gone shy. Read more

HOTTER ON METALS: The warehouse domino effect
July 22, 2013 - 16:53 GMT Location: New York
The London Metal Exchange's new warehouse proposals are going to do exactly what they set out to achieve: reduce queues and premiums. Read more

Banks, trading houses ordered to preserve documents ahead of possible warehousing probe
July 22, 2013 - 12:36 GMT Location: London
The US Commodity Futures Trading Commission (CFTC) has sent a letter to banks and trading companies ordering them to preserve documents ahead of a possible investigation into warehousing activities, sources said. Read more

LME warehousing changes: Six possible scenarios
July 22, 2013 - 12:00 GMT Location: London
There are many possible consequences, mainly unintended, of the implementation of the London Metal Exchange's new warehousing proposals. Read more

Warehouse incentives drop overnight after LME's action on queues
July 04, 2013 - 07:45 GMT Location: London
London Metal Exchange warehouse companies are cutting the incentives they will pay to attract metal into locations such as Detroit in response to the bourse's proposals to cut back the queues that have developed there, market sources told Metal Bulletin. Read more

LME warehouse firms fear rental income plunge after load-out rate crackdown
July 02, 2013 - 21:14 GMT Location: London
London Metal Exchange warehouse companies expect that the bourse's new proposals to link load-in and load-out rates at logjammed storage locations could have a dramatic effect on their business models. Read more

LME takes aim at logjammed sheds with new load-out proposals
July 01, 2013 - 11:26 GMT Location: London
London Metal Exchange warehouse companies will be required to deliver out more metal than they draw in at storage locations where large load-out queues have developed, under new proposals the exchange has made after a review of its warehousing policy. Read more

HOTTER ON METALS: Is it time for Charles Li to deal with warehousing?
June 25, 2013 - 11:40 GMT Location: New York
Ever since Charles Li of Hong Kong Exchanges & Clearing (HKEx) said he would take a proverbial bazooka to the issue of queues at the London Metal Exchange's network of warehouses, the metals market has been waiting on tenterhooks for it to happen. Read more

Financing deals make aluminium production attractive in oversupplied market
May 06, 2013 - 11:20 GMT Location: Singapore
The financing deals which have trapped large aluminium stocks in warehouses are here to stay, market participants have told Metal Bulletin. Read more

SPOTLIGHT: The warehouse queues in copper
April 19, 2013 - 02:39 GMT Location: Singapore
Bottlenecks in supply of copper from LME warehouses may become more apparent as inventories rise on the back of financing deals, market participants said. Read more

HOTTER ON METALS: Warehouses - the LME's leaky bucket
January 28, 2013 - 15:38 GMT Location: New York
The debate over London Metal Exchange warehousing is starting to sound reminiscent of the old children's song "There's a Hole in My Bucket". Read more

Warehouse queues caused by market forces - Alcoa exec
January 28, 2013 - 11:40 GMT Location: New York
Free market forces have combined to create the debate about London Metal Exchange warehousing, but that does not necessarily mean there is a problem, a senior Alcoa executive has said. Read more

SHFE said to oppose LME setting up warehouses in China
January 25, 2013 - 04:10 GMT Location: Shanghai
The Shanghai Futures Exchange (SHFE) remains opposed to the listing of London Metal Exchange warehouses in China and will resist the LME's attempts to win approval for them, various market participants told Metal Bulletin. Read more

Warehouse queues are not LME's fault, says Alba exec
January 23, 2013 - 07:40 GMT Location: Coronado, California
Financing deals have always existed in the metals trading world, they've just become heavily industrialised, a senior executive at Aluminium Bahrain told Metal Bulletin. Read more

No clear solution to warehouse queues - LME exec
January 22, 2013 - 11:50 GMT Location: Coronado, California
There is potentially no solution to the lengthy warehouse queues in certain locations, nor is there one that the London Metal Exchange could or should propose, an executive from the bourse told Metal Bulletin. Read more

LORD COPPER: Warehouses - the rugby football moment
January 09, 2013 - 10:40 GMT Location: London
It's not often that I disagree with another Metal Bulletin article. Read more

REVIEW: Warehouse wars - put up or shut up
December 27, 2012 - 04:40 GMT Location: New York
Warehousing has always been competitive, but that sibling rivalry has turned into a full scale war within the metals community. Read more

LME warehouse system still broken - Luvata's Kickham
December 18, 2012 - 12:30 GMT Location: New York
The London Metal Exchange's warehousing system is still broken, despite efforts to fix delays in accessing metal, major copper consumer Luvata told Metal Bulletin. Read more

HOTTER ON METALS: Warehouses unhappy over LME proposals
December 13, 2012 - 12:40 GMT Location: New York
The deadline for warehouse companies to submit comments on the proposed changes to London Metal Exchange delivery-out rate policies has passed - and warehouse firms are not happy. Read more

HOTTER ON HKEX: HKEx won't be LME warehousing walkover - ceo
December 06, 2012 - 10:32 GMT
Hong Kong Exchanges & Clearing will get tough with warehouse firms it finds to be acting against the rules of the London Metal Exchange, or even outside of the spirit of the rules, its ceo said. Read more

COMMENT: Will warehouse streamlining save the LME billet contract?
November 30, 2012 - 05:22 GMT Location: London
After months of deliberation, the London Metal Exchange last week finally announced plans to delist six warehouses as good delivery locations for its ailing steel billet futures contract. Read more

ANDREA HOTTER: What's a cancelled warrant these days?
November 16, 2012 - 05:05 GMT
The latest London Metal Exchange initiative designed to tackle queues accessing metal in its warehousing system centres around cancelled warrants. Read more

LORD COPPER: The LME's new proposals on load-out make good sense
November 16, 2012 - 13:53 GMT Location: London
The London Metal Exchange has proposed further alteration to its rules concerning load-out rates for bonded warehouses. Read more

INTERVIEW: Consumers do not need to wait in warehouse queues - Alcoa's Kleinfeld
November 08, 2012 - 10:20 GMT Location: New York
Aluminium consumers should buy directly from producers, and stop complaining about long queues at warehouses and the high cost of buying physical metal, according to the ceo of Alcoa. Read more

LME WEEK: Warehousing to be a key focus for HKEx - LN Metals' Dentoom
October 16, 2012 - 19:55 GMT
Warehousing looks set to be a key area of focus for Hong Kong Exchanges & Clearing (HKEx), the new owner of the London Metal Exchange, according to the chairman of LN Metals. Read more

LME WEEK: Death, taxes and warehousing: Abbott keen to limit impact of queues
October 16, 2012 - 21:30 GMT Location: London
The debate surrounding London Metal Exchange warehousing has become as constant as death and taxation, ceo Martin Abbott told guests at the exchange's annual dinner on Tuesday October 16. Read more

LME WEEK: Warehouse system could be more transparent - Codelco ceo
October 16, 2012 - 18:35 GMT
The London Metal Exchange's system of warehousing could be more transparent, the ceo of the world's largest copper producer told Metal Bulletin on Tuesday October 16. Read more

LME WEEK: Warehousing kept HKEx's Li awake during LME sale
October 15, 2012 - 14:39 GMT Location: London
Warehousing was the one issue that could have prompted Charles Li to withdraw from the bidding process for the London Metal Exchange, the Hong Kong Exchanges & Clearing (HKEx) ceo said. Read more

LME WEEK: Warehousing needs transparency - Doe Run
October 15, 2012 - 14:20 GMT Location: London
The London Metal Exchange's warehousing system needs increased transparency designed to make the system sustainable on a long-term basis, a senior executive at North America's largest lead producer told Metal Bulletin on Monday October 15. Read more

LORD COPPER: LME warehouse queues tell us there is a problem
October 12, 2012 - 14:48 GMT Location: London
A few days ago, Metal Bulletin posed the question "is there really a problem with LME warehouse queues?" Read more

LME warehouse controversy: is there even a problem?
The storage of London Metal Exchange-approved metal has probably never been so controversial. More


LME considers separate delivery rates for individual metals
The London Metal Exchange is considering implementing separate warehouse delivery requirements for individual metals so customers with material in locations storing large tonnages do not have to wait months for deliveries, people familiar with the situation told Metal Bulletin. More

Spotlight: Testing the LME warehouse waters
The London Metal Exchange is considering separate warehouse delivery rates for individual metals to alleviate multi-month queues for customers with material in locations that store large tonnages of aluminium. More 


Spotlight: A true picture of metal supply and demand?
Just a couple of years ago, the daily movements of stock into and out of London Metal Exchange-approved warehouses were eagerly watched as a leading indicator of supply and demand. More

Spotlight: Inside Metro's Detroit warehouses
Metro International Trade Services LLC is a very different business today from the one that Bill Whelan and Ed Schulak founded in 1991. More 

Key questions about LME warehouses and the queues
As the London Metal Exchange continues to review the regulations governing warehousing, Metal Bulletin considers load-out rates and warehouse queues. More  

The woes of an LME warehouseman
Let's get something straight from the outset: before you beat up on me for running a warehouse business, cast your mind back to 2008, when the economic downturn slammed metal demand. Who stepped in to provide a home for all the excess supply? The warehouse firms did. More 

Lord Copper: What economists do not tell you about the aluminium premium
In the last piece I published, I spoke about the aluminium market and the effect on it of the ever-growing warehouse-finance trade. More