LME将“头寸借贷规则”永久化，旨在打击市场逼仓行为

Core Viewpoint - The London Metal Exchange (LME) has announced a permanent implementation of comprehensive rules aimed at limiting the impact of large trading positions to control price volatility in the aluminum and other metal markets [1] Group 1: Regulatory Changes - The new rules require that if a trader holds a position exceeding 50% of the available inventory in the LME warehouse system within one month of contract expiration, they must lend their position to other buyers at a capped rate (either low or zero cost) until their holding falls below 50% [1] - This regulation expands the scope compared to the temporary rules set for 2025 and includes front-month options positions within the regulatory framework [1] Group 2: Market Response - The changes are a direct response to large trading firms such as Mercuria, Vitol, and Gunvor accumulating significant positions in the aluminum market, sometimes exceeding available inventory [1]