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

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...


Mark Burton

February 08, 2013

16:35 GMT