Abstract
The characteristics of commodity exchanges are outlined. The need of the buyer to accept delivery from a warehouse selected by the seller constrains the geographical reach of an exchange. LME extended its warehouse network from 1960 to 1991 to the continent, Scandinavia, the Mediterranean, Singapore, Japan and the USA. The actual use of the warehouses from 1992 to September 1995 is studied by location and region. Japan is problematic, the USA holds promise, Singapore is gratifying and Europe is doing very well. The youth of the overseas locations, combined with the industry structure of their regional economies, explains much. Emerging competition by the Shenzen Metal Exchange raises the question of a second ring in the Asian time zone.
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