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LME OFFICIALS: Another day of deliveries in Antwerp takes LME copper stocks to 400,000 tonnes
February 08, 2013 - 16:35 GMT
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
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Euromoney Institutional Investor PLC.
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