London Metal Exchange (LME) has approved Red Sea port city of Jeddah in the Kingdom of Saudi Arabia as a warehouse delivery point for copper and zinc. The listing will become active three months after the first warehouse company has been approved in the new location. Warehouses registered with the LME, the world’s largest and oldest metals trading venue, are usually located in areas of net metals consumption or top transit hubs such as Rotterdam, the exchange stated. KSA is planning an industrial development and logistics programme, part of Vision 2030, which aims to make the Kingdom a major global player in the energy, mining, logistics and industry sectors. The LME stated it planned to add Jeddah as a new delivery point subject to consultation about a technical change to the exchange’s warehouse framework.
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