Trafigura has been drawing down stocks of copper from London Metal Exchange warehouses to deliver to customers, mainly in Asia and Europe, amid extremely tight market conditions, the company said.
A spokeswoman for the physical commodities merchant said it had fully communicated this to the LME ahead of canceling warrants."Trafigura's role is to ensure security of supply of commodities for its customers. In a very tight copper market with strong demand outstripping available supply, Trafigura has drawn down inventory to deliver it to end-users, primarily in major consumption areas in Asia and Europe," the spokeswoman...