LME considers relaxing rules to enhance Hong Kong's status as a metals hub

CoinFeed reported on July 1, citing four industry insiders, that the London Metal Exchange (LME) is considering relaxing rules to enhance Hong Kong's status as a metals warehousing hub. Two of the sources said that executives of LME owner Hong Kong Exchanges and Clearing (HKEx) have asked warehousing companies what obstacles need to be removed to make Hong Kong a viable warehousing location. In a consultation document in March, LME proposed outdoor storage of aluminum as an option on a 'per-location' basis. Four sources said the proposal is primarily aimed at Hong Kong, where suitable storage space is limited. The exchange briefly allowed outdoor storage of aluminum in the mid-1990s but canceled the practice due to concerns about weather damage and safety.