LME warehouses cost buyers billions: MillerCoors

Jul 23, 2013 | 10:24 AM | Andrea Hotter

Tags  aluminum, London Metal Exchange, LME, MillerCoors, Tim Weiner, LME warehouses, andrea hotter

NEW YORK — The London Metal Exchange warehouse system’s lengthy queues and high premiums paid for metal is costing aluminum buyers billions of dollars a year, according to one large consumer.

The system has cost MillerCoors LLC "tens of millions of dollars in excess premiums over the last several years, with no end in sight," said Tim Weiner, global risk manager of commodities and metals for the Chicago-based brewer. "My company and others estimate that last year alone the LME warehouse rules....





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