The UK Court of Appeal today overturned a ruling that found a warehousing reform rule proposed by the London Metal Exchange (LME) unlawful. Today’s ruling overturns a March court ruling, in favor of Russian aluminium producer UC Rusal, that said LME’s original consultation and subsequent proposed rule change were unlawful. The proposed rule, LME’s “linked load-in, load-out rule” (LILO), was intended to push warehouses with queues of more than 50 days to send out more inventory than they load in. LME in late July appealed the ruling.
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