14 FEBRUARY 2014<a href='http://agmetalminer.com/2014/02/12/glencore-xstratas-pacorini-delists-14-metal-warehouses-in-vlissingen/'target='_blank'>agmetalminer</a>
Glencore Xstrata’s Pacorini delists 14 metal warehouses in Vlissingen
Edited by : AL CIRCLE
1 min read
Things are changing… “Glencore Xstrata’s Pacorini (warehousing and logistic subsidiary of Glencore Xstrata) has delisted 14 metals warehouses in the Dutch port of Vlissingen, the London Metal Exchange (LME) said on Tuesday, as storage firms get ready for big changes in the business,” reports Reuters.
“The LME, the world’s largest marketplace for metals such as copper and aluminium, announced new regulations aimed at cutting wait times to access metal in warehouses following complaints, lawsuits and regulatory pressure.”
“Pacorini in Vlissingen has rivalled Goldman Sachs’s Metro warehousing subsidiary in Detroit in having the longest queues for aluminium. Wait times for both still stretch for longer than a year.”
“To support the mechanism of physical delivery the LME approves and licenses a network of warehouses around the world. Warehouse companies must meet strict criteria before they are approved to handle metals.”
“Pacorini currently has more than 40 warehouses in Vlissingen, according to LME data. Industry sources say the 14 delisted warehouses are in any case empty, and had been built with future expansion in mind, before the LME announced its changes last year.”
( MetalMiner is the largest metals information website in North America targeting a manufacturing and metals procurement audience.)
“The LME, the world’s largest marketplace for metals such as copper and aluminium, announced new regulations aimed at cutting wait times to access metal in warehouses following complaints, lawsuits and regulatory pressure.”
“Pacorini in Vlissingen has rivalled Goldman Sachs’s Metro warehousing subsidiary in Detroit in having the longest queues for aluminium. Wait times for both still stretch for longer than a year.”
“To support the mechanism of physical delivery the LME approves and licenses a network of warehouses around the world. Warehouse companies must meet strict criteria before they are approved to handle metals.”
“Pacorini currently has more than 40 warehouses in Vlissingen, according to LME data. Industry sources say the 14 delisted warehouses are in any case empty, and had been built with future expansion in mind, before the LME announced its changes last year.”
( MetalMiner is the largest metals information website in North America targeting a manufacturing and metals procurement audience.)
Previous article
Aluminium financing deals to keep metal locked up in LME -Rio Tinto
Next articleHindalco Q3 net down 23% to INR 334 crore
Grow with
AL Circle
