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London Metal Exchange seeks to appeal warehouse ruling
April 28, 2014 / 11:01 AM / 4 years ago

London Metal Exchange seeks to appeal warehouse ruling

LONDON, April 28 (Reuters) - The London Metal Exchange (LME) said on Monday it planned to seek permission to appeal against a court ruling it lost last month, which halted a key reform aimed at cutting backlogs at warehouses.

“We will be seeking leave to appeal (from the Court of Appeal),” LME spokeswoman Kathy Alys said.

The exchange, the world’s largest market for industrial metals such as copper and aluminium, has previously said it was taking legal advice on whether to appeal the ruling or to launch a new consultation on its warehouse policy.

In late March, Russia’s Rusal won a ruling that halted a warehouse reform because consultations had been “unfair and unlawful”. (Reporting by Eric Onstad; editing by Keiron Henderson)

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