The London Metal Exchange (LME) has approved Red Sea port city Jeddah in Saudi Arabia as a warehouse delivery point for copper and zinc, it said on Monday.
The listing will become active three months after the first warehouse company is approved in the new location.
Warehouses registered with the LME, the world's largest and oldest metals trading venue, are typically located in areas of net metals consumption or major transit hubs such as Rotterdam.
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Saudi Arabia is planning an ambitious industrial development and logistics programme, part of its wider Vision 2030 reform plan. This aims to make the kingdom a major global player in the energy, mining, logistics, and industry sectors.
In March, the LME announced plans to add Jeddah as a new delivery point subject to consultation about a technical change to the LME warehouse framework. A separate notice on Monday stated that the LME had amended a clause in its policy on the approval of locations as delivery points, related to warehouse insolvency, following a consultation.
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