November 1, 2019 / 10:00 AM / a month ago

London Metal Exchange to allow 80-day warehouse queues

LONDON, Nov 1 (Reuters) - The London Metal Exchange has decided to allow warehouses in its network to extend queues for loading out metal and require them to report stocks that are not under LME warrant but could be at a later date, the exchange said on Friday.

Current queue-based rent capping (QBRC) rules stipulate full rent payable for 30 days, half rent for 20 days and no rent after 50 days. The LME will change that to full rent payable for 80 days and no rent thereafter.

“The LME believes it has a duty to address concerns around stock transparency and the right to compel market participants to report stock levels where the corresponding commercial agreement invokes the LME,” the exchange said in a release.

Reporting by Pratima Desai; editing by Jason Neely

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