China to Deliver Copper to LME-Jiangxi Copper Unit-Shanghai Metals Market

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China to Deliver Copper to LME-Jiangxi Copper Unit

Industry News 09:49:19AM May 02, 2012 Source:SMM

HONG KONG, April 30 (Reuters) - Large Chinese copper smelters and trading firms have agreed to deliver refined copper cathodes to the London Metal Exchange in the next two months in an effort to boost the availability of copper in the global market, Jiangxi Copper International Trading Co Ltd said.

In a statement received by Reuters late Sunday, Jiangxi Copper International, a subsidiary of China's top producer Jiangxi Copper Company Ltd , said the smelters included members of China Smelters Purchase Team and Xiangguang Copper Co Ltd.

The statement said the firms participating in the joint action would export "enough" refined copper to improve availability in the domestic and international markets. No figure was cited.

Tightness in LME copper supply has pushed cash prices to a steep premium over benchmark three-month futures, which is hurting Chinese smelters, while copper stockpiles in bonded warehouses in China have been soaring.
 

Price

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#1 Refined Cu
Oct.18
46740.0
40.0
(0.09%)
Standard-Grade Copper
Oct.18
46730.0
40.0
(0.09%)
High-Grade Copper
Oct.18
46750.0
45.0
(0.10%)
Guixi copper
Oct.18
46750.0
40.0
(0.09%)
Low-quality copper
Oct.18
46700.0
45.0
(0.10%)

China to Deliver Copper to LME-Jiangxi Copper Unit

Industry News 09:49:19AM May 02, 2012 Source:SMM

HONG KONG, April 30 (Reuters) - Large Chinese copper smelters and trading firms have agreed to deliver refined copper cathodes to the London Metal Exchange in the next two months in an effort to boost the availability of copper in the global market, Jiangxi Copper International Trading Co Ltd said.

In a statement received by Reuters late Sunday, Jiangxi Copper International, a subsidiary of China's top producer Jiangxi Copper Company Ltd , said the smelters included members of China Smelters Purchase Team and Xiangguang Copper Co Ltd.

The statement said the firms participating in the joint action would export "enough" refined copper to improve availability in the domestic and international markets. No figure was cited.

Tightness in LME copper supply has pushed cash prices to a steep premium over benchmark three-month futures, which is hurting Chinese smelters, while copper stockpiles in bonded warehouses in China have been soaring.