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A string of warehouses in Detroit, most of them operated by Goldman, has stockpiled more than a million tonnes of the industrial metal aluminum, about a quarter of global reported inventories.
The LME says the current maximum rent, set by warehouse operators, is 41 U.S. cents per day per tonne. At that rate, Goldman's warehouse operation in Detroit -- said to be holding more than 1.1 million tonnes -- could be generating as much as $451,000 per day or about $165 million a year in reveue
The LME certifies and regulates the Detroit sheds as part of a global network of more than 640 warehouses.
The LME says the current maximum rent, set by warehouse operators, is 41 U.S. cents per day per tonne. At that rate, Goldman's warehouse operation in Detroit -- said to be holding more than 1.1 million tonnes -- could be generating as much as $451,000 per day or about $165 million a year in revenue.
The exchange could also rule that a warehouse cannot charge rent once aluminum has been purchased, no matter how long it takes to ship it. But a change like that would hit the LME itself as it receives about 1 percent of the rental income earned by the warehouses it approves.