Jul. 20 (Bloomberg) –Orders to withdraw copper from warehouses tracked by the London Metal Exchange rose to the highest in three weeks on bookings in New Orleans.
Canceled warrants increased 2,625 metric tons to 23,175 tons, the highest since June 29, exchange data showed today. A total of 2,675 tons were canceled in New Orleans, home to 26 percent of total LME copper stocks. Copper stockpiles rose 300 tons to 467,700 tons, the highest in three weeks.
Removing any metal from LME warehouses in New Orleans may take as much as nine weeks at a current minimum daily removal requirement, according to Duncan Hobbs, an analyst at Macquarie Group Ltd. in London. Current LME rules require most warehouses to release at least 1,500 tons of any metal daily at each location.
Zinc stockpiles fell for a fifth day, declining 3,825 tons to 880,075 tons. Most withdrawals were registered in Malaysia. Canceled warrants declined 3,525 tons to 69,400 tons.
Lead stockpiles increased 1,025 tons to 310,275 tons, driven by gains in Singapore and Malaysia. Total canceled warrants were little changed at 17,100 tons, with 400 tons canceled in Antwerp, Belgium.
Aluminum stockpiles fell 8,875 tons to 4.41 million tons after rising 12,200 tons yesterday. Canceled warrants fell 8,775 tons to 350,200 tons.