03/22/2005
RATES AND CHARGES FOR COPPER
| Southwest Commodity Warehouses, Inc. | Effective: July 1, 2005 |
| Handling Out Charge per Short Ton: | $26.75 |
| The following previously published charges for the storage and handling of copper at Southwest Commodity Warehouses, Inc. remain unchanged. | Handling Inbound per Short Ton: | $0.00 |
| Monthly Storage Charge per Short Ton: | $3.85 |
| Preparation of Warehouse Receipt: | $0.00 |
| Replacement of Each Warehouse Receipt: | $5.00 |
| Bill of Lading: | $5.00 |
| Insurance Premiums: | $0.00 |
| Blocking and bracing, vans, per short ton: | $4.00 |
| Side loading flatbeds, per short ton: | $2.50 |
| Blocking & Bracing Rail Cars per Short Ton: | $4.00 |
| Cancellation Charge per Shipment Cancelled: | $100.00 |
| Additional Labor Rate per Man-Hour: | $20.00 |
Please be advised that the warehouses, at their discretion, may require handling 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 July 1, 2005.
Specific to handling out charges, invoices prepared by COMEX Clearing for warrants issued prior to July 1, 2005 will not call for reimbursements for handling out charges based on the new rates. Reimbursements for these warrants will 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 July 1, 2005 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.