* INE sets delivery fee at 2 yuan/tonne but waives it until Jan. 8 * Names five bonded warehouses with 175,000 T approved capacity * C. Steinweg, CMST among approved Shanghai storage operators (Adds table, detail on current bonded copper stocks in para 9) Nov 9 (Reuters) - The Shanghai International Energy Exchange (INE) said on Monday it would waive the delivery fee for its upcoming bonded copper futures contract for the first seven weeks of trading and named five warehouses that can take delivery of the metal. The long-awaited contract, which will be open to international investors, giving them the chance to hedge their exposure in the world's biggest copper market, will launch on Nov. 19. The fee for delivery has been set at 2 yuan ($0.30) per tonne, the INE said in a circular, adding that the fee was "tentatively waived from the listing day to January 8, 2021." Storage fees under the contract have been set at 0.5 yuan/tonne per day for indoor storage and 0.4 yuan/tonne per day for outdoor storage, according to the circular. There is also a normal load-in fee of 18 yuan/tonne, which rises to 30 yuan/tonnes for containers, a load-out fee of 15 yuan/tonne, or 25 yuan/tonne for containers, and an ownership transfer fee of 1 yuan/tonne. In a subsequent statement, the INE named five logistics businesses as designated bonded delivery warehouses for copper cathodes under the contract, all of which are in Shanghai, with total approved storage capacity of 175,000 tonnes. Two of the warehouses are under C. Steinweg, a Rotterdam-based firm which has warehouses approved by the London Metal Exchange. The INE will "adjust the delivery capacity as appropriate to market conditions and steadily expand the coverage of delivery warehouses, temporarily without setting premiums or discounts," the bourse said. Bonded copper inventories in Chinaare currently at 366,500 tonnes, the highest since August 2019. The following table shows INE-designated copper warehouses and their approved capacities in tonnes. Warehouse Approved capacity Shanghai CMST Lingang Logistics Co 30,000 Shanghai SIPG Bonded Warehousing 60,000 Management Co Shanghai Yangshan Free Trade Port 40,000 C. Steinweg Logistics Co C. Steinweg Logistics (Shanghai 40,000 Waigaoqiao Bonded Logistics Zone) COSCO Shipping Logistic Co 5,000 Total 175,000 Source: INE ($1 = 6.5654 Chinese yuan) (Reporting by Tom Daly and Min Zhang; Editing by Jacqueline Wong and Louise Heavens)
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