Ringing out the year of LME’s big bang
Dec 31, 2013 | 01:40 PM
| Andrea Hotter
NEW YORK Ever since Hong Kong Exchanges & Clearing Ltd. (HKEx) chief executive officer Charles Li signaled his intent to look more closely at warehousing, 2013 was destined to be remembered as the year that rang with a bang for base metals.
Its the year the London Metal Exchange took out its bazooka andafter careful consideration of the field of actionlined it up, took aim and then propelled a rocket firmly into the proverbial rear of the warehousing system.
The debate over warehousing has arguably overshadowed other developments at the LME for several years.
Consultation upon consultation failed to properly tackle what industry participants increasingly viewed as a major problem: long queues in accessing metal from warehouses, along with high premiums for physical delivery.....
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