CME denies ISTIM bid to list Gwangyang site for aluminium delivery
LONDON, Oct 5 (Reuters) -CME Group has denied an application by warehousing company ISTIM Singapore Pte Ltd, CME Group said in a notice.
ISTIM had sought approval of its South Korean Gwangyang warehouse as storage to deliver against the COMEX aluminium contract.
The notice, dated Friday, did not provide any further detail. ISTIM had applied for the approval in mid-July, a separate notice showed.
Both CME and ISTIM did not immediately reply to a Reuters' request for comment on Saturday.
CME peer the London Metal Exchange (LME) said this week it was monitoring tightness in the aluminium market, which has seen a key spread reach a sizeable premium and one party amass a large long or bullish position in the October contract.
Reporting by Pratima Desai; writing by Polina Devitt; editing by Jason Neely
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