The London Metal Exchange's (LME) global warehousing network is shrinking rapidly. Over the past year the number of registered storage units has slumped from 604 to 472, the lowest in at least a decade, with the collective retreat reflecting the diminishing pool of metal to be stored. Less metal, particularly aluminium, also means less opportunity to profit from the LME's arcane load-out rules.
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Mexican "unicorn" Clara, a startup with a valuation over $1 billion that offers corporate credit cards and expense management resources, said on Monday it has secured $150 million in debt financing from Goldman Sachs. The funds will be used to flesh out Clara's technological infrastructure and on increasingly larger credit lines for clients, Clara's chief executive officer, Gerry Giacoman, told Reuters. "Every day bigger and bigger companies are working with us, including some of the largest corporations operating in Latin America," Giacoman said, noting Spanish bank Sabadell, Mexican hotel chain RLH Properties and airline Volaris were clients.