London 12/10/2016 - The waiting time for aluminium to be delivered out of LME-registered warehouses has dropped overall while new queues have emerged in South Korea and Taiwan, according to the exchange's latest queue report.
Queues at Access World in Vlissingen have dropped to 320 calendar days (221 working days) or 10.5 months as of September 30 from 349 calendar days a month previously, it said.
Cancelled aluminium warrants in the Dutch city stood at 503,325 tonnes while live tonnage was 89,233 tonnes, it added.
A new queue of 14 calendar days for copper, lead and aluminium has emerged at the P Global Services NV warehouse in Busan, South Korea. A total of 16,025 tonnes have been cancelled at the location as of the end of September.
A queue of 13 calendar days has developed in Kaohsiung, Taiwan, for copper, lead, aluminium and zinc at the P Global Services NV warehouse, with 6,000 tonnes of metal cancelled as of September 30.
There were no queues at other LME-registered locations as of that date, according to the report.
In related news, the LME has decided to implement charge capping (CC) measures for warehouse operators that will come into effect on December 28.
As the final part of its reform programme, the LME will introduce an initial schedule of maximum rates for warehouse rents and free-on-truck (FOT) charges by calculating the average of the highest published charges for the years 2015-16 and 2016-17, on a per-metal and per-country basis.
(Additional reporting by Kathleen Retourne, editing by Mark Shaw)