Despite mounting political and regulatory pressure on US banks involved in the ownership of the LME warehouses, so far there has only been mixed evidence that critical mass warehouses in Vlissingen and Detroit have taken steps to reduce aluminium queues. As we mentioned in recent reports, in order to ensure that critical mass warehouses do not engage in front-loading of metal ahead of the April 2014 deadline, warehouses may incur obligations in the “Preliminary Discharge Period” during May-July 2014 to account for access of newly warranted metal (delivery in over 3k tpd) during the “Preliminary Calculation Period”, between July 2013 and April 2014.
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