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LME: HK Has Efficient Logistics Advantage; No Timeline for 3rd Batch of Warehouse Approvals Provided
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The London Metal Exchange (LME), a subsidiary of HKEX (00388.HK), recently announced the second batch of applications for establishing approved warehouses in Hong Kong. Until now, seven warehouses have been granted permission and are expected to commence operations by mid-July, at which time they will begin receiving and storing LME-warranted metals. LME CEO Matthew Chamberlain said that certified warehouse operators are still negotiating with local businesses to expand their footprint in Hong Kong, but he could not provide a timeline for the approval of the third batch of applications because some of them involved the remodel or reconstruction of a warehouse to cope with the ground load bearing issue. The first two batches of warehouses could be rolled out expeditiously because these warehouses had already complied with the requirements and could be put into operation at any time. Hong Kong is a very attractive location for metal delivery, Chamberlain added. Despite high costs, Hong Kong has the advantage of high logistics efficiency, making it an appealing location for metal storage. AASTOCKS Financial News Website: www.aastocks.com |
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