April 25, 2014 / 4:52 PM / 4 years ago

UPDATE 1-LME plans to launch Commitment of Traders report in July

(Adds details, background)

LONDON, April 25 (Reuters) - The London Metal Exchange (LME) plans to launch its Commitment of Traders report in July, providing increased data on long and short positioning, it said on Friday.

The new report is one element of a sweeping package of LME reforms, including new rules to cut backlogs at warehouses. A key warehouse rule was halted by a court ruling last month, but the LME is to proceed with other reforms, including greater powers to act against market abuse.

The LME, the world’s biggest market for industrial metals such as copper and aluminium, is seeking feedback from its members on details of the report, the exchange said.

Subject to comments received in the consultation, the LME - owned by owned by Hong Kong Exchanges and Clearing - intends to start publishing the report from July 1.

To provide consistency across global markets, the report will follow a similar format to that used by the U.S. Commodity Futures Trading Commission, the LME said.

The weekly report will provide a breakdown of each day’s open interest, separated into classifications by business type, from producers and merchants to brokers and money managers.

“The LME believes that the introduction of a COTR will bring benefits to the market in terms of transparency,” it said.

Members of the exchange will face some additional administrative costs, but these are not expected to be significant, it added.

Responses to the consultation must be submitted by May 23. (Reporting by Eric Onstad; Editing by David Evans and David Goodman)

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