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The London Metal Exchange is exploring whether to license a warehouse in Hong Kong as it seeks to strengthen services to clients in China — the world’s biggest metals market.
The LME has long wanted to establish a warehousing foothold inside mainland China, but has been rebuffed by Chinese regulators over concerns including competition with the Shanghai Futures Exchange. And in neighboring Hong Kong, high property and labor costs have been a hurdle. In response to questions about warehouses in the mainland, Chamberlain said that was a decision for Beijing to take.
While China is largely a net importer of metals traded on the London bourse, its producers also occasionally export when overseas prices race ahead of the domestic market. Recent months have seen outbound shipments of copper rise to unusually high levels, adding to stockpiles in the nearest locations.
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