The London Metal Exchange will finally implement its planned move to calibrate deliveries of metal in and out of some of its approved warehouse locations on February 1 next year, the LME said in a notice to members Monday.
Earlier this month, the LME said it would move ahead with the remaining planned changes to its warehouse regulations following a UK Court of Appeal decision overturning a previous ruling in favor of Russian aluminium producer Rusal, pending a short warehouse consultation period.
As a result of the initial court decision, the LME was unable to implement its planned move to calibrate deliveries of metal in and out of some of its approved warehouse locations on April 1 this year, as intended, although a number of other proposed changes that emerged from the initial consultation process undertaken by the exchange last year have been put in place.
The two-week consultation period closed October 22, the LME said in the notice, adding that it received two responses from warehouse companies.
"These responses addressed issues in relation to LILO [load in/load out], but did not suggest any substantive amendments to, or make any objections in respect of, LILO itself or the minor clarificatory changes proposed," the LME said, adding that in each case it would respond directly to the warehouse company concerned.
Consequently the new LILO regulations applicable to warehouse locations with delivery out queues running to 50 calendar days or more will come into effect on February 1, 2015, the LME said.
