ASIAN FUTURES: China warehouse ‘bound to take some time’, LME’s Liz Milan says

Apr 26, 2012 | 07:48 AM |

The London Metal Exchange is not close to getting an approved warehouse in China, and last discussed the subject with China’s financial regulators more than two years ago, the LME’s Asia md Liz Milan told Metal Bulletin. An LME-registered warehouse on the Chinese mainland would require backing from various government bodies, including the China Securities and Regulatories Commission (CSRC). The last discussion between the CSRC and LME executives about the warehouse issue was in Beijing in February 2010, Milan said. “[We] haven’t made any formal representation to the CSRC but we are speaking with various interested parties and market participants in China looking at the possibility of a warehouse in China, certainly for copper. Not for all metals but certainly for copper,” Milan said. “What we need to do is try to determine what the key benefits would be to China to have an LME warehouse....