Goldman’s Metro unit heeds LME proposed rule

Jun 06, 2014 | 02:46 PM | Andrea Hotter

Tags  Goldman Sachs, Metro International Trade Service, Detroit, aluminum, Chris Wibbelman, Matt Chamberlain, London Metal Exchange, LME warehousing rule

NEW YORK — Metro International Trade Services LLC, a metals warehousing subsidiary of Goldman Sachs Group Inc., is voluntarily complying with the London Metal Exchange’s proposed changes to warehousing rules and calling on other warehouse companies to do the same.

The company has been complying with the terms of the linked load-in load-out warehousing rule as though it had been introduced in April (, March 27).

Since the start of the year, Metro’s load-out total of primary aluminum from its Detroit facilities has outpaced its load-in total by 190,000 tonnes. This net load-out represents a substantial majority of the total net load-out seen in the same period across all LME warehouses, totaling about 250,000 tonnes, Metro said in a letter to LME head of business development Matt Chamberlain. ....

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