Macquarie's Scale applies for COMEX copper warehousing
NEW YORK, March 19
NEW YORK, March 19 (Reuters) - Scale Distribution, a metals warehousing company partly owned by Macquarie Group Ltd , has applied to CME Group Inc to take delivery of copper in Florida and Utah, the Chicago-based exchange said.
In Scale's latest move to expand its U.S. footprint, the small British warehousing firm wants to store copper for CME's COMEX copper futures contract in Panama City, Florida, and Salt Lake City, Utah, CME said in a member notice on Tuesday.
If approved, Panama City would be a new location for the exchange's copper contract in addition to Tucson, Arizona; Amarillo and El Paso in Texas; Baltimore, Maryland; New Orleans, Louisiana; Toledo, Ohio and Salt Lake City.
Scale would be CME's tenth copper warehousing company.
The move would also expand Scale's U.S. presence. It already has facilities registered with the London Metal Exchange in Panama City as well as Detroit and has applied to be one of the storage companies for CME's new aluminum contract due for launch in May.
Macquarie bought a stake in Scale in February 2013. Orion Mine Finance, a mining equity fund spun off from metals hedge fund Red Kite in September, is also a shareholder. (Reporting by Josephine Mason, editing by G Crosse)
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