LME loses first stage of appeal

The London Metal Exchange (LME) yesterday lost the first stage of an effort to appeal against a court ruling which halted a reform aimed at reducing logjams at its global network of warehouses. Last month, the High Court ruled in favour of aluminium producer Rusal, which feared falls in aluminium prices if the LME changed rules to make warehouses deliver metal more quickly to customers. A judge in the same court declined a request by the LME to appeal against the judgment.