Port expands in the copper...

Port expands in the copper trade.

http://www.newsherald.com/news/business/port-expands-in-the-copper-trade-1.214685

PANAMA CITY — The London Metal Exchange has approved Port Panama as a delivery point for copper, Port Executive Director Wayne Stubbs confirmed Monday.

The move makes Port Panama City a larger player in shipping copper in the Gulf of Mexico.

“The approval by the London Metal Exchange (LME) will take the Port of Panama City to the next level as a preferred port for the delivery of copper,” Stubbs said. “We are committed to the copper trade and will work closely with our customers and the warehouse operators to provide whatever service they need to take full advantage of this opportunity.”

The port already is an importer of copper, mainly from South America, and Southwire, North America’s leading manufacturer of wires and cables and the nation’s largest copper consumer, also uses Port Panama City. Stubbs said he hopes the new designation by the London exchange will help expand its influence in the copper trade.

Currently, ships with connections to the LME port in Mobile, Ala., and New Orleans. Stubbs said the Panama City port was looking for a piece of that action, prompting the port’s proposal.

The advantage to storing copper in Panama City is it would move more quickly throughout the Gulf region rather than staying in warehouses in New Orleans or Mobile, Stubbs said. Companies storing copper at warehouses in New Orleans, for example, are seeing more delays in getting copper out of storage, he added.

Port Panama City is one of the nation’s leading ports for the import of copper. Since 2003 the port has handled more than 3 million tons of copper, primarily from Chile and Peru.