Copying and distributing are prohibited without permission of the publisher

LME OFFICIALS: Another day of deliveries in Antwerp takes LME copper stocks to 400,000 tonnes

February 08, 2013 - 16:35 GMT Location: London

Copper stocks stored on the London Metal Exchange rose to nearly 400,000 tonnes on Friday, their highest level since November 2011, as stocks in Antwerp rose 8,100 tonnes.

Stocks hit 399,825 tonnes on Friday, up a net 10,925 tonnes as material also entered Johor, Busan, Barcelona and New Orleans, continuing a recent trend of daily inflows in excess of 10,000 tonnes. The deliveries came as copper prices traded moderately higher in light volumes ahead of China’s Lunar New Year holidays, supported by stronger-than-expected Chinese trade data but capped by a weaker euro. Ahead of US trade data that may give further direction to the market towards the close of trading, sources said the rise in copper stocks is a function of a looser physical market and warehousing queues, as well as an uncommonly large contango in nearby copper spreads. The copper market has seen better supply and a thin flow of spot orders from consumers since the start of the year, sending copper...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.

If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.

A standard subscription include one year's worth of news and prices. You can also upgrade to the full archive and benefit from more than 15 years of intelligence. Start your subscription today.

Free trial

Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.

Free trial

Already have an account?

Aluminium

May 22, 2013 17:30 CLOSE TO CLOSE: Base metals prices up as US housing figures come in
May 22, 2013 16:50 MILLING ABOUT: Andrew Caplan to head Glencore aluminium, alumina team, say sources
May 22, 2013 16:12 Trade log May 2013: Aluminium
May 22, 2013 15:52 Novelis, Thyssenkrupp agree to develop aluminium car parts
May 22, 2013 15:45 UK secondary aluminium ingot dips on thin spot sales

Copper

May 22, 2013 17:30 CLOSE TO CLOSE: Base metals prices up as US housing figures come in
May 22, 2013 15:20 Lowe and other execs leave MRI Trading; Kuek takes over as ceo
May 22, 2013 14:40 LME OFFICIALS: Base metals prices up across LME in official session
May 22, 2013 13:15 China's copper scrap imports decline month-on-month and year-on-year
May 22, 2013 12:05 BRAZIL EXPORTS APRIL 2013: Copper ore, cathode shipments both rise

Comment & analysis

MB APEX Q1 2013 BASE METALS: Investors jump ship to equities – Meir

Investors have been jumping ship from base metals in recent months, almost universally in favour of equities, according to Edward Meir, an analyst at INTL FCStone.
COMMENT: Fee increase sours the end of LME’s time with LCH.Clearnet

Separation and anger go hand-in-hand – just ask the dazed and confused suing their former partners for every penny in the divorce courts of London. Or ask brokers on the London Metal Exchange and LCH.Clearnet, which last Wednesday announced a tripling of fees for clearer members of the LME, and gave them a bare two weeks to prepare for it.
MB CENTENARY: The 1950s – a golden era

Although Britain's postwar difficulties were still in evidence in 1950, this was nevertheless the start of a golden era for Metal Bulletin subscriptions.