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The London Metal Exchange has just listed the Saudi Arabian port of Jeddah as a good delivery location for copper and zinc. to the LME’s global delivery network, which becomes effective three months after the approval of the first warehouse, is the first new listing since Amsterdam in 2018.
The three-year decline in registered capacity reflected a period of low exchange stocks as combined warranted and shadow off-warrant inventory fell below one million metric tons over the second half of 2022. The buyer of that metal may be understandably reluctant to pay rent to a potential competitor but the only way to escape the contract is to physically load the metal out and deliver it to another warehouse company.The larger the original warranting, the greater the potential for a queue. ISTIM warehouses in Port Klang received 652,525 tons of aluminum in May. The cancellations began almost immediately as buyers looked to move their metal.
The other three major players are Access World, C. Steinweg and the Pacorini Group. Between them they were storing 92% of total inventory at the end of June and they currently account for 344 of the total 468 units listed globally.
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