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.

subscribe to this feed Comment & analysis

Upcoming Events

MB Glossary

From Aluminium to Zinc...
Search this free glossary on metals

Try the new Metal Bulletin BETA site...

We've added some great new features and tools which we think you'll find useful:

  • Easier to use navigation including links to new sections
  • Cleaner interface for the Price Book with easier to use data views
  • More dedicated pages for specific metals e.g chrome, antimony, nickel
  • Better search tools for news and prices with handy filters

Simply click 'Yes please' below to go straight to the BETA site
(Please note: you will need to log into the BETA site on your first visit. Plus you can return to the original site any time you wish)