11/11/15 – The LME issued a notice detailing amendments to its Special Contract Rules For Primary Nickel (Part 6 of the LME’s Rulebook). The key amendments are:-
i) The removal of the ruling requiring an LME warehouse to open and inspect drums/bags before being placed onto LME warrant.
ii) Unmarked drums or bags will no longer be permitted into LME storage.
iii) The removal of the ruling, as per previous practice, permitting an LME warehouse to repack and subsequently warrant nickel contained in drums with crimped lids.
Please see a copy of the notice below:-
To: All members, warehouse companies, London agents, samplers and assayers
Ref: 15/352 : R008 : W117
Date: 11 November 2015
Subject: AMENDMENTS TO PART 6 OF THE LME RULEBOOK – SPECIAL CONTRACT RULES FOR PRIMARY NICKEL
This notice details the amendments that have been made to part 6 of the Rulebook, Special Contract Rules for Primary Nickel which are effective today. The new Special Contract Rules for Primary Nickel are appended to this notice along with a comparison with the old Special Contract Rules for Primary Nickel.
1. The ruling requiring an LME warehouse to open and inspect drums/bags before being placed onto LME warrant has been removed. The rule now is that original producer drums/bags will enter LME storage uninspected.
2. Unmarked drums or bags will not be permitted into LME storage. Original producer drum/bags will only be permitted for LME warranting with the exception of damaged drums/bags where repacking by a Warehouse Company is required.
3. The ruling allowing drums with crimped lids to be repacked by an LME Warehouse using a ring sealing method has been removed. Drums with crimped lids will not be acceptable for LME warranting and Warehouses will not be permitted to repack the material as per previous practise unless an Agreement is in place between a producer and third party.
If you require clarification on any of the amendments to the Special Contract Rules for Nickel, please contact me.
In addition to the key amendments above; the layout/format of the Rules has been amended.
Brands Listing Supervisor
Physical Operations Department
cc: Board directors and Nickel committee