LME Approves Jeddah as New Delivery Point for Copper and Zinc

Jeddah Port

The London Metal Exchange (LME) has approved the port city of Jeddah, Saudi Arabia, as a new location for its registered warehouses for copper and zinc, it said on Monday.

The delivery point will become active three months after the approval of the first warehouse company in the port city, at which point copper and zinc will be delivered to Jeddah Islamic Port.

The LME first announced in March its plans to add Jeddah as a new delivery point.

Saudi Arabia is an increasingly important global metals hub for the Middle East as well as north and east Africa, and Jeddah provides a transport network that meets the criteria for new warehouse locations, LME chief executive Matthew Chamberlain said in March.