London Metal Exchange adopts Jeddah as new delivery, storage center for copper, zinc

2024-07-30 06:24:37

(MENAFN) On Monday, the London Metal Exchange (LME) announced the approval of Jeddah, Saudi Arabia, as a new delivery and storage point for copper and zinc. This move marks a significant expansion for the LME, which is the world’s largest and oldest metals trading exchange. Traditionally, LME-registered warehouses are located in key metal consumption areas or major logistics hubs such as Rotterdam.

Saudi Arabia is actively pursuing an ambitious industrial and logistics development plan as part of its Vision 2030 initiative, which aims to transform the Kingdom into a leading global player in sectors such as energy, mining, logistics, and industry. The inclusion of Jeddah as a delivery point aligns with Saudi Arabia’s broader goals of enhancing its role in the global market.

The LME had previously indicated in March that it intended to add Jeddah as a delivery point, pending a technical review of its warehouse framework. Following a consultation process, the exchange confirmed the addition of Jeddah to its list of recognized delivery locations.

In a separate update, the LME also announced changes to its policy regarding the recognition of delivery locations, specifically in relation to warehouse bankruptcies. This amendment follows consultations and reflects ongoing adjustments to the exchange's operational framework.

The London Metal Exchange is owned by the Hong Kong Exchanges and Clearing Corporation, which continues to oversee its operations and strategic expansions.

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