LME Approves Jeddah as Warehouse Delivery Point for Copper and Zinc
London Metal Exchange has given the green light to Jeddah, a bustling port city in Saudi Arabia, as a warehouse delivery point for copper and zinc, announced on Monday.
The listing is set to go live three months after the first warehouse company receives approval in the new location. Warehouses associated with the LME, renowned as the world’s largest and oldest metals trading venue, are typically situated in areas of significant metal consumption or key transit hubs like Rotterdam.
Saudi Arabia is embarking on an ambitious industrial development and logistics program as part of its broader Vision 2030 reform plan, aiming to position the Kingdom as a major global player in energy, mining, logistics, and industry sectors.
Back in March, the LME revealed plans to include Jeddah as a fresh delivery point, pending consultation on a technical adjustment to the LME warehouse framework.
In a separate update on Monday, the LME announced a modification to a clause in the policy regarding the approval of locations as delivery points, specifically in relation to warehouse insolvency, following a consultation process.
The LME is under the ownership of Hong Kong Exchanges and Clearing.