LONDON The Minor Metals Trade Association (MMTA) has turned down membership applications from warehousing companies CWT Commodities Pte Ltd. and Pacorini Metals BV on the grounds that they are part of groups that include trading companies.
Sources familiar with the matter said Singapore-based CWT and Pacorini, owned by Baar, Switzerland-based Glencore Xstrata Plc, are disappointed and considering their next steps.
The MMTA declined to comment.
CWT and Pacorini had previously been members of the MMTA but were asked to leave because under the organizations rules warehouse companies "shall be neutral, not owned or associated with any trading company."
Glencore Plc acquired Pacorini Metals in 2010 while Capsolon Pte Ltd., another subsidiary in the CWT Group of companies, bought MRI Trading AG in 2011.