Indian commodity exchange approves Steinweg as storage facility

LONDON, June 3 (Reuters) - Logistics and warehousing firm C.Steinweg has been approved by Multi Commodity Exchange Clearing Corporation (MCXCCL) as a storage facility for its physically settled base metals contracts effective June 4.

MCXCCL, a wholly owned subsidiary of Multi Commodity Exchange of India (MCX) said on Monday in a circular, Steinweg Sharaf (India) has been registered to store and effect delivery of aluminium, copper, zinc and nickel.

Dutch-based Steinweg is unique in being approved by the London Metal Exchange, the Shanghai Futures Exchange and CME Group, three major exchanges where metal is traded.

Reporting by Pratima Desai; editing by David Evans