LME fines PAC Global Services Spain 250,000 pounds for warehouse violations

LONDON, March 4 (Reuters) - The London Metal Exchange fined warehouse operator PAC Global Services Spain (PGS) 250,000 pounds ($334,175) in a disciplinary action due to breaches of its rules, the LME said on Wednesday.

The exchange, the world's oldest and largest market for industrial metals, listed eight violations of its warehouse agreement by PGS in a members' notice.

The most serious violation was found during an investigation of a PGS warehouse in Taiwan, where it found copper stored in an open yard outside the facility.

"The storage of metal on warrant outside of an LME approved shed is an egregious breach of the warehouse agreement ... and as such the financial penalty reflects this," the notice said.

PGS runs 39 LME-registered warehouses in Europe and Asia, according to the LME website.

The LME is owned by Hong Kong Exchanges and Clearing Ltd. 0388.HK

($1 = 0.7481 pounds)