- Write by:
-
Wednesday, January 18, 2023 - 00:07:07
-
204 Visit
-
Print
Mining News Pro - Commodity trader Trafigura is planning to take large amounts of copper from London Metal Exchange registered warehouses, two people familiar with the matter said, adding that the metal was likely to remain in Europe.
Copper stocks in LME registered warehouses stand at 83,325 tonnes are already low. Cancelled warrants – metal earmarked for delivery – stand at 31.2% or 26,000 tonnes. This compares with 12% on Jan. 3.
Most of the cancelled warrants – 20,600 according to the latest data from the LME – are in Rotterdam, Netherlands.
Trafigura declined to comment on whether it was behind the cancellations, but said: “In an environment of constrained supply, reflected by high copper benchmarks in Europe, we are ensuring we can continue to supply our customers with the metals they need.”
The cancellations and large holdings of copper warrants and cash contracts are fuelling some concern about supplies on the LME market.
This has narrowed the discount for the cash against the three-month copper contract to around $8 a tonne from $26 a tonne on Jan. 9.
Benchmark copper prices on the LME touched $9,279 on Tuesday for their highest since June 16 and a gain of nearly 25% since the end of September.
Short Link:
https://www.miningnews.ir/En/News/622588
Barrick Gold Corp.’s chief executive officer says the gold miner will continue to host virtual-only annual general ...
China’s copper producers are planning to export up to 100,000 metric tons of metal, the largest volume in 12 years, ...
A takeover of Anglo American Plc would need to be pitched at more than £30 ($37.6) per share, a higher price than BHP ...
Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from ...
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off ...
Copper slipped after initially extending gains above $10,200 a ton as traders turned their attention to demand ...
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
No comments have been posted yet ...