February 5, 2014 / 2:26 PM / 4 years ago

LME appoints external consultancy for warehouse review

LONDON, Feb 5 (Reuters) - The London Metal Exchange (LME) said on Wednesday it had appointed an external consultancy to conduct a logistical review of its warehousing network.

The exchange also said in a statement that it had engaged lawyers to undertake a legal review of its warehousing agreement.

It added that Phillip Crowson had been appointed as chairman of its new Physical Market Committee, which will meet for the first time in March.

The LME, the world’s largest marketplace for metals such as copper and aluminium, last year announced reforms to warehousing designed to slash long backlogs to source deliveries of metal from the depots.

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