The London Metal Exchange has launched a crackdown on the metals warehousing industry in response to a storm of criticism from aluminium users and US politicians.
The complaints have been triggered by queues of more than a year to take delivery of metal, from LME-registered warehouses owned by Goldman Sachs and Glencore Xstrata.
The LME yesterday announced a new rule that would force warehouses with queues longer than 50 days to deliver more metal out than they bring in, toughening an earlier proposal that would have capped the queues at 100 days.
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