SRB REVEALED: How much copper has the SRB bought?

After the sharp fall in copper prices at the start of the year, the SRB made arrangements to purchase about 200,000 tonnes of cathode over the course of 2015, according to observers of the agency.

Of the 150,000-200,000 tonnes it has contracted for the year so far, most but not all has already been delivered, in steady monthly clips of about 30,000 tonnes, other sources said.
The volume is down on 2014 purchasing volumes, which have been estimated at about 300,000-400,000 tonnes.
Media reports towards the end of 2014 indicating that total purchases could be as high as 700,000 tonnes were “too high”, Glencore’s Aristotelis Mistakidis told investors last year, in comments that suppliers in China contacted by Metal Bulletin agreed with.
The SRB also sold material last year as part of a stock rotation programme, although it was a net buyer of about 300,000-400,000 tonnes overall, trade sources estimated.

However, even those with trade links to the SRB conceded that there can be no certainty about the precise volumes of material the agency purchases year...


August 04, 2015

08:00 GMT