LME rule change plan ‘irresponsible’: Kleinfeld

Oct 09, 2013 | 11:42 AM | Michael Cowden

Tags  aluminum, Alcoa, Klaus Kleinfeld, William Opinger, London Metal Exchange, LME, warehouses, rule change Midwest premium

FARMINGTON, Pa. — Alcoa Inc. chairman and chief executive officer Klaus Kleinfeld repeatedly blasted the London Metal Exchange’s introduction of potential changes to warehousing rules as "irresponsible" and to blame for declines in aluminum premiums.

Kleinfeld repeated calls for more transparency on the exchange and a regional premium contract to complement the existing pricing contract (amm.com, July 25). "The big complaint from customers is ‘We can’t hedge for those regional premiums.’ I mean, this is what an exchange is there for. Invent an instrument and put that out," he said during an Oct. 8 conference call to discuss the company’s third-quarter results.....

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