The London Metal Exchange (LME) has announced that the port city of Jeddah in Saudi Arabia has been approved as a new location for its registered warehouses for copper and zinc. This new delivery point will become operational three months after the first warehouse company in Jeddah is approved, at which time copper and zinc deliveries will begin at Jeddah Islamic Port.
The LME initially revealed its plans to add Jeddah as a delivery point in March.
Saudi Arabia is becoming an increasingly significant global metals hub for the Middle East, as well as North and East Africa. Jeddah, with its extensive transport network, meets the criteria for new warehouse locations, according to LME chief executive Matthew Chamberlain in a statement made in March.
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