LONDON (Reuters) – The London Metal Exchange (LME) has dismissed a complaint from miner and commodity trader Glencore over its inability to take fast delivery of aluminium from warehouses owned by ISTIM UK in Port Klang, Malaysia, two sources familiar with the matter said on Monday.
Both Glencore and ISTIM UK declined to comment.
“The LME has recently received and decided a formal complaint in respect of warehousing. The LME would not comment on that specific complaint, or confirm the parties involved,” the LME said in a statement.
“However, the LME believes it appropriate to inform the market of matters of general interest arising from the complaint, and in particular the point at which a queue should be determined to arise for the purposes of the LILO Rule,” it added.
(Reporting by Pratima Desai)