Alcoa supports LME's big overhaul of warehousing policy

Reuters

NEW YORK, Nov 7 (Reuters) - Alcoa Inc said onThursday it supports the London Metal Exchange's latest effortto resolve a years-long crisis over its warehousing policy andimprove transparancy.

In a statement after the LME announced sweeping changes tothe way it regulates its vast warehousing network, the U.S.producer called on the exchange to give a clear outline on whenit plans to implement the new rules.

"The immediate next step is for the LME to provide a cleartimeline in which to implement this change," it said.

"Alcoa believes this is key to ensuring a more transparentsystem which increases fairness and improves market function."

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