The London Metal Exchange (LME) said it is prepared to expand its approved warehouse network in Hong Kong after launching its first sites there last year, CEO Matthew Chamberlain said at LME Asia Week. He said the exchange aims to scale storage capacity from “tens of thousands of tons to hundreds of thousands of tons,” reflecting expected demand. The LME added Hong Kong warehouses to its global network for the first time in Chinese territory to provide a more convenient outlet for China’s metals

The London Metal Exchange (LME) said it is prepared to expand its approved warehouse network in Hong Kong after launching its first sites there last year, CEO Matthew Chamberlain said at LME Asia Week. He said the exchange aims to scale storage capacity from “tens of thousands of tons to hundreds of thousands of tons,” reflecting expected demand. The LME added Hong Kong warehouses to its global network for the first time in Chinese territory to provide a more convenient outlet for China’s metals industry. There are currently 15 approved warehouses in Hong Kong holding nearly 24,000 tons of copper, tin and zinc, close to capacity, according to data cited by Hong Kong Exchanges & Clearing CEO Bonnie Chan. Chamberlain said utilization has exceeded expectations and confirmed Hong Kong’s role as a metals transit hub.