LME halts warehouse reform after losing court case
LONDON, March 27
LONDON, March 27 (Reuters) - The London Metal Exchange (LME) will not implement reforms of its warehousing network as scheduled next month after it lost elements of a legal case brought by Russian aluminium giant Rusal.
"The LME is disappointed with the outcome of the judicial review," the exchange said in a statement. "The implementation of the rule will not take place on 1 April 2014."
The LME, the world's biggest marketplace for base metals, had planned to implement reforms designed to cut queues to access metal, but Rusal argued they would damage prices. (Reporting by Eric Onstad; Editing by Anthony Barker)