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JPMorgan to store precious metals in Singapore

SINGAPORE, May 10 (Reuters) - J.P. Morgan said on Monday it will open its first Asian precious metals vault facility in Singapore during the third quarter of 2010 to facilitate trading in gold and other valuable commodities. The vaults will accommodate the trading of physically settled futures contracts on regional exchanges, exchange traded funds (ETFs) as well as physically settled financing transactions in which J.P. Morgan is involved, it said in a statement. The Singapore Exchange recently introduced gold contracts as part of a plan to boost trading in commodity derivatives. Spot gold prices touched a five-month high on Friday as investors piled into the precious metal on fears of sovereign default in the euro region. (Reporting by Kevin Lim; Editing by Neil Chatterjee) ((kevin.lim@thomsonreuters.com; +65 6403 5663; Reuters Messaging: kevin.lim.reuters.com@reuters.net)) Keywords: JPMORGAN VAULT/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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