c1001, That is not the way I read it....Here is an excerpt from LME's own website on their FAQ page (Note the first sentence of the second paragraph):
"I wish to buy metal from the LME."
The LME is not the natural source for physical metal. It is rather, a financial market, used mainly for limiting future price risk, supported by a delivery of last resort. Consumers wishing to buy physical metal normally do so directly from producers or through merchants. Some LME members do have a physical department.
Metal to meet deliveries of LME contracts, that do go to delivery, is stored on warrant in LME-approved warehouses and must meet the specifications of the individual metal contracts as laid down by the LME. In order to ensure the quality of metal held on warrant for delivery against LME contracts, all such metal must be of a brand listed as good delivery by the directors of the LME. If a party wishes to buy metal via the LME it can do so through a broker on the LME. It should be noted that delivery is at seller's option and the location, production source and shape cannot be guaranteed. However, the metal will be of a brand and specification in accordance with LME rules and will be stored in an LME approved warehouse. The LME price is 'in warehouse' and the costs of taking up that metal will have to be met by the buyer.
