Notice to Members
Notice No. 299 08/12/2004
Copper Warehouse Shipments
The New York Mercantile Exchange, Inc. (“Exchange”) has self-certified with the Commodity Futures Trading Commission guidelines pertaining to the outbound shipment of copper from Exchange Licensed Warehouses. It is the intent of these guidelines to establish uniform scheduling procedures across the Exchange Licensed Warehouse system for copper so that market participants and Exchange Licensed Warehouses are aware of the procedures to be followed when scheduling outbound shipments of copper. These guidelines are effective Monday, August 16, 2004. These guidelines are: I. All shipments are made on a first come first served basis. II. In order to establish a position in the shipping queue, the shipper must provide the warrant numbers to the warehouse. At any time prior to ten calendar days before the scheduled date of shipment, the shipper may make changes to the sequence of shipment of the warrants. However, the shipper cannot make any change in the warrant numbers to be shipped within ten (10) calendar days of the scheduled date of shipment. III. All warrants, properly endorsed, along with the shipping instructions must be at the warehouse seven (7) calendar days prior to the scheduled date of shipment. Warrants must be sent to the warehouse by overnight carrier. IV. The shipper must make every reasonable effort to keep the warehouse informed of the status of the truck and rail carriers for the scheduled shipments. The shipper, up until the scheduled date of shipment, may change the destination of the shipment.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com