Alcoa supports LME's big overhaul of warehousing policy

Thu Nov 7, 2013 2:55pm EST
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NEW YORK Nov 7 (Reuters) - Alcoa Inc said on Thursday it supports the London Metal Exchange's latest effort to resolve a years-long crisis over its warehousing policy and improve transparancy.

In a statement after the LME announced sweeping changes to the way it regulates its vast warehousing network, the U.S. producer called on the exchange to give a clear outline on when it plans to implement the new rules.

"The immediate next step is for the LME to provide a clear timeline in which to implement this change," it said.

"Alcoa believes this is key to ensuring a more transparent system which increases fairness and improves market function."