Over the past four weeks, a large amount of copper inventory has left London Metal Exchange warehouses in the two Asian cities to enter China to tap arbitrage profits, industry sources told Fastmarkets.
Combined LME copper stock at South Korea's Busan and Taiwan's Kaohsiung dropped by 28% or 31,750 tonnes from April 14 to May 12."We have booked bulky volumes as well, both ER and SX-EW cathodes," a trader source who recently delivered LME warrants from Asian locations to China said, citing...