Malaysian Warehouses of ISTIM UK Held 35% of LME Aluminium

The Edge Market reported that Warehousing firm ISTIM UK held 35% of total aluminium stocks in London Metal Exchange-registered warehouses in its Malaysian facilities by the end of November. Aluminium stocks in ISTIM's Port Klang and Johor warehouses rose 213,275 tonnes in November from the previous month to 476,846 tonnes as against total aluminium stocks in LME warehouses of 1.27 million tonnes. Sources said that much of the metal held by ISTIM in Malaysia will have come in under deals where the warehouse shares the rent for storing metal with the firm that put it into the warehouse.

ISTIM's LME warehouse metal stocks in Johor rose to 186,196 tonnes in

Metal entering the LME's global storage network, made up of 500 warehouses in 34 locations, is issued with a title document. That metal is then on LME warrant. Current queue based rent capping rules stipulate full rent is payable for 30 days, half rent for 20 days and no rent after 50 days. The LME is proposing to change that to full rent payable for 80 days by next November and no rent thereafter.

The business model of ISTIM, controlled by the Whelan family who founded major warehousing company Metro, is based on queues to take material out of warehouses and earning rent from storage. It does not offer logistical services.

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