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
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
Glencore Plc acquired
Pacorini Metals in 2010 while Capsolon Pte Ltd., another
subsidiary in the CWT Group of companies, bought MRI Trading AG