Panama City, Florida, could be the next location for the delivery of London Metal Exchange copper.
At its most recent meeting, the warehousing committee of the LME discussed a proposal by the copper committee for the exchange to consider Panama City as a delivery location, people familiar with the matter said.
The initiative came to the LME through the Panama City port authority, which is already the operator of warehouse facilities for Comex copper, although at present no material is stored there.
People familiar with the matter said there have been few committee objections so far to the sunshine state location, whose port handles Chilean copper cargoes headed for consumers in the US.
Those consumers include Carrollton, Ga.-based Southwire Co., the US copper fabricator fighting against the introduction of physical copper exchange-traded fund by JPMorgan Chase & Co.
In its latest filing to the US Court of Appeals in Washington, Southwire criticised the queues in accessing material in various warehouse locations, including New Orleans (amm.com, March 26