In an announcement on March 19th, the London Metal Exchange (LME) revealed its intention to designate Jeddah, a key port city on the Red Sea in Saudi Arabia, as a potential delivery point for copper and zinc. This decision is contingent upon a consultation process regarding a technical adjustment to the LME's framework for warehouse locations.
Matthew Chamberlain, the CEO of LME, emphasised Saudi Arabia's significance as a global metals hub. He noted that Jeddah aligns perfectly with the operational and logistical criteria required for new warehouse locations, citing its status as a substantial area of net consumption and its well-established transport infrastructure.