On August 10, the Shanghai Futures Exchange (SHFE) issued an announcement stating that, in accordance with the relevant provisions of the Exchange's Delivery Warehouse Management Rules, it has decided to approve COSCO Shipping Logistics Co., Ltd. to cancel the qualification of two futures delivery warehouse storage sites, involving copper, zinc and nickel.
According to the announcement, the cancelled storage sites include: the copper, zinc and nickel storage site at No. 2249 Baoyang Road, Baoshan District, Shanghai (with approved capacity of 20,000 tonnes for copper, 10,000 tonnes for zinc and 10,000 tonnes for nickel); and the nickel storage site at No. 156 Jiechang Road, Lingang Self-operated Logistics Park, Pudong New Area, Shanghai (with approved capacity of 30,000 tonnes for nickel).
Effective from the date of the announcement, the above storage sites will no longer conduct SHFE copper, zinc and nickel futures delivery operations. The cancellation involves a total nickel delivery warehouse capacity of 40,000 tonnes (10,000 tonnes in Baoshan + 30,000 tonnes in Lingang), accounting for approximately 40% of SHFE's total nickel futures warehouse capacity (approximately 100,000 tonnes). The SHFE has requested all relevant parties to attach great importance to the matter and ensure the normal and orderly conduct of delivery operations.
