LME lists Jeddah as delivery point for copper and zinc
LME announced today that Jeddah in Saudi Arabia has been approved as a Delivery Point for copper and zinc.
The listing will become active three months after the first warehouse company has been approved. Warehouse companies applying for approval in Jeddah will need to demonstrate that they have access to the necessary experience of operating a warehouse company within the LME procedures.
In accordance with clause 5.3.5 of the Warehouse Agreement, the LME has decided to apply the same charge cap rates as for Dubai, as the most proximate geographical and regional location (converted from AED to SAR for FOT).
The charge caps which will be applicable for warehouse companies wishing to list in Jeddah are therefore as follows:
- Rent – Copper US$0.47, Zinc US$0.49
- FOT – Saudi Riyal 138.00
