New Metal Warehousing Regulations Halted

At the twilight hour, a United Kingdom court has ruled against changes to the London Metals Exchange (LME) warehousing rules that would have shortened the time metal could be held, impacting a hot battle that involved US regulators, aluminum producers, beverage distributors and the largest banks. The new rules were to have taken effect April 1. Winners and losers: aluminum producers versus beverage marketers At issue are delays in the time the metal was held in warehouse that were said to drive aluminum prices higher, an issue that led US regulators to send subpoenas to warehouse operators, including Goldman Sachs…