On 9 March 2026, the LME issued a combined consultation and discussion paper that considers several possible enhancements to its physical market operations – and, in particular, its warehousing network.
The enhancements set out in the paper have been developed with the broad aim of improving operational transparency and efficiency, supporting fair access and competition between warehouse operators and enhancing the robustness of physical delivery mechanisms.
The LME welcomes feedback to this paper from all market participants and other interested parties, including regulatory and governmental bodies and civil society.
The consultation will be open until 17:00 London time on 8 May 2026. Formal responses to this paper should be submitted in writing and sent to the LME at consultation@lme.com.
For ease of reference, the full set of documents contained in the consultation are set out individually below:
Documents
26 063 LME Physical Markets Consultation and Discussion Paper
Appendix 1 LME Warehouse Agreement redline
Appendix 2 LME Warehouse Agreement clean
Appendix 3 Current and proposed FOT rates following US dollar conversion
Appendix 4 LME Policy on the Approval and Operation of Warehouses redline
Appendix 5 LME Policy on the Approval and Operation of Warehouses clean
Appendix 6 LME Policy on the Approval of Locations as Delivery Points redline
Appendix 7 LME Policy on the Approval of Locations as Delivery Points clean
Appendix 8 LMEs Enforcement and Disciplinary Procedures redline
Appendix 9 LMEs Enforcement and Disciplinary Procedures clean