LME Introduces New Nickel Minimums

Bloomberg reported the London Metal Exchange will introduce new levels for the minimum amount of nickel and tin that warehouses must deliver every day.

As quoted in the market news:

The new policy starts on April 1, 2013, the bourse said in an e-mailed statement today following a consultation period with warehouse companies. The exchange will convene its committee reviewing delivery rates across all warehouses, it said in a separate notice.

The LME board in April accepted in principle a proposal to require warehouses to deliver at least 60 metric tons of tin or nickel, or a combination of both each day. The exchange proposed the rules amid concerns that long wait times may limit the availability of the metals.

Click here to read the full Bloomberg report.