The London Metal Exchange’s (LME) warehouse problems are back. Long load-out queues earlier this decade generated media scandal, a flurry of legal action and intense regulatory scrutiny of the exchange. The ensuing raft of reforms to its storage network appeared to have laid the issue to rest. Not so. At the end of February, there was a 229-day queue to get aluminium out of warehouses in Malaysia’s Port Klang. That’s business days, not calendar. Some of that metal is at the centre of a dispute between the warehouse operator, ISTIM, and trading powerhouse Glencore , which has lodged a complaint with the LME. The ... (full story)