Notice to Members
Notice No. 464 12/15/2003
Copper Warehouses: Changes in Rates for the Storage of Copper
Madison Warehouse Corporation, a New York Mercantile Exchange, Inc. ("Exchange") Licensed Warehouse for the storage of copper deliverable against the COMEX Division's Grade 1 Copper Futures Contract, has submitted to the Exchange the following charges for the handling and storage of copper at its facilities located in Baltimore, Maryland and St. Louis, Missouri. These charges will become effective on February 1, 2004 and completely replace Madison Warehouse Corporation's previously published rates. Rates and Charges for Copper Madison Warehouse Corporation Effective: February 1, 2004     Monthly Storage Charge per short ton: $2.50   Handling In per short ton:     Via truck end loaded: $2.25   Via rail: $2.80   Via flat truck loaded from the side: $3.40 Handling Out per short ton (paid on receipt): $2.25 Weighing of Copper on site per short ton: $4.10   Plus labor and materials for banding.   Additional Labor per hour, plus materials: $38.00 Outbound Bracing for railcars or Intermodal per lot: $20.00 Clerical Charge:     Per Warehouse Receipt issued: $5.50   Per Receipt per month in storage: $2.00 Please be advised that the warehouses, at their discretion, may require handling and storage fees based on the new rates for all copper physically in storage as of the effective date. That is, the old rates are not grandfathered for copper already in storage prior to February 1, 2004. Specific to handling out charges, invoices prepared by COMEX Clearing for warrants issued prior to February 1, 2004 should not call for reimbursements for handling out charges based on the new rates. Reimbursements for these warrants should be based on the old handling out rate because the warehouse was prepaid based on the old handling out rate. Though the warehouses have been prepaid the handling out charges based on the old rate, the party shipping the metal out on or after February 1, 2004, may owe the warehouses the difference between the old and new rates upon shipment, at the discretion of the warehouse. Clearing Members are advised to carefully review invoices to ensure that reimbursement payments are not made for charges that have not actually been prepaid by the market short.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com