The London Metal Exchange (LME) has officially approved the port city of Jeddah in Saudi Arabia as a warehouse delivery point for copper and zinc. This listing will become active three months after the first warehouse company is approved at the new location.
LME-registered warehouses are typically situated in areas of high metals consumption or major transit hubs, such as Rotterdam. This move aligns with Saudi Arabia’s ambitious industrial development and logistics program, which is part of the broader Vision 2030 reform plan aimed at positioning the kingdom as a significant global player in the energy, mining, logistics, and industrial sectors.
In March, the LME indicated plans to add Jeddah as a delivery point, contingent upon consultations regarding a technical change to the LME warehouse framework. Additionally, the LME announced an amendment to its policy concerning the approval of locations as delivery points, specifically addressing warehouse insolvency following stakeholder consultations.