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LME August 2024 Issue

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LME Metals Symposium 2024 agenda announced


LME Metals Seminar


Date: Monday 30 September 2024

Time: 7:50am - 3:30pm

Venue: Queen Elizabeth II Centre, Broad Sanctuary, London, SW1P 3EE

With LME Week 2024 fast approaching, we are pleased to announce the agenda for this year's LME Metals Symposium. Join us for insightful industry and economic keynotes from Jakob Stausholm, CEO of Rio Tinto, and Linda Yueh CBE, Adjunct Professor of Economics at London Business School, as well as fascinating discussions on investment trends, the circular economy, metal trends and the industry's value chain.


Please refer to the seminar programme:


https://www.lme.com/Events/LME-Week/LME-Metals-Seminar


For training sessions during LME Week (1-4 October), please refer to.

https://www.lme.com/Education/Course-calendar

For information on the LME Annual Meeting, please contact: chinateamdg@lme.com


Deadline for uploading LMEpassport for electronic quality control reports



LMEpassport is the LME's digital centralised registration platform, implemented in partnership with industry, to improve efficiency and traceability of information and ensure regulatory certainty through digitisation.


In Circular 21/044, the LME required all producers of LME-registered brands (with the exception of LME copper brands) to upload eCOA phases for metal produced on or after 1 January 2024 to LMEpassport in order to ensure the validity of their warehouse receipts.


Subsequently, in Circular 23/087, the LME notified producers and other stakeholders that the deadline for eCOA uploads would be 24 October 2024 for primary aluminium producers and 1 October 2025 for other LME metals (except copper).


EGA becomes first primary aluminium brand producer to connect directly to LMEpassport



The London Metal Exchange (LME) is pleased to announce that Emirates Global Aluminium (EGA) has become the first LME registered branded producer of primary aluminium to upload its eCOA reports directly from the smelter to the LMEpassport platform, removing its requirement for paper documentation and shaping the future of the aluminium metal industry.


CoA is a key specification and quality assurance document that must accompany LME metal as it enters and leaves the warehouse. Primary aluminium producers producing LME-registered brands are digitally integrating their documentation processes with LMEpassport this year, providing greater regulatory confidence in the market and helping to eliminate the inefficiencies caused by paper-based processes.


Georgina Hallett, Head of Physical Markets at the LME, commented: ‘We are delighted that EGA's direct connection to LMEpassport will ultimately replace the need for paper CoA for all physically-delivered LME metals entirely with a digital solution, bringing greater security, traceability and operational efficiency to the trading of physical metals. ‘.


Abdulnasser Bin Kalban, Chief Executive Officer of EGA, commented: ‘Our digital transformation is central to realising EGA's bold vision for the future of innovative aluminium production. Being the first in the industry to digitally deliver eCoA to the LMEpassport platform is just one way in which we are using big data and analytics to improve EGA's operational efficiency.’


Latest delivery locations in LME warehouses


The London Metal Exchange (LME) has announced the Saudi Arabian port city of Jeddah as a new delivery location for copper and zinc. Warehouse operators can apply to the LME to become a designated delivery depot, and the LME has set rental ceilings for the site at the same level as those in Dubai - $0.47 for copper, $0.49 for zinc, and FOT - SR138.00 - in accordance with Clause 5.3.5 of the Warehouse Agreement (Warehouse Agreement).


LME chief executive Matthew Chamberlain said the LME is committed to developing a global warehousing network and Saudi Arabia, as an important part of the world's economic corridors and with Jeddah as a net consumer of copper and zinc, has an efficient transport network that meets the relevant operational and logistical standards.


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