More than 50,000 tonnes of copper are now in a queue to come out of Malaysian warehouses, with the majority of cancelled warrants in Johor. About 80% of the warranted stocks at Johor have been cancelled almost overnight, while 60% of total stocks at Port Klang have been cancelled.
At closing on March 18, Johor copper stocks stood at 55,075 tonnes, 44,425 tonnes of which were cancelled warrants. Port Klang had total stocks of 9,700 tonnes, of which 5,775 tonnes were cancelled warrants.
Compared with Friday March 13 before this news broke, total stocks at Johor were 52,025 tonnes, of which only 200 tonnes were cancelled. In Port Klang total stocks were 10,050 tonnes, of which 700 tonnes were cancelled.
Malaysia holds about 30% of the total stocks in LME warehouses.
“Cancelled copper warrants, or orders to remove copper from LME warehouses, climbed by the most in five years in Malaysia in response...