The London Metal Exchange (LME) proposed a new requirement that its members have to report their over-the-counter (OTC) in tradeable metals, on a weekly basis with no minimum position size threshold, and where the total metal to be reported represents at least 20% of the underlying.

Where the metal represents less than 100% of the underlying value, members should report the equivalent metric tons of metal delta in the reporting template.

The purpose is to make metal trading markets stable after nickel trading was suspended on March 8.

The consultation will remain open for responses until May 27, and decisions would be proposed around June 13.