It will hold a two-week consultation period with warehouse companies about the new rules, which will take affect on Feb. 1, 2015, a statement said.

The LME, the world's biggest market for industrial metals, also said that following the consultation it would look at other possible reforms, including capping or banning rents on metals caught in warehouse backlogs.

Earlier on Wednesday, a three-judge panel overturned an earlier judgment that had forced the LME to halt a key reform.

(Reporting by Eric Onstad)