Traders Draw Down LME Copper Stocks as Chinese Market Tightens
Traders including Trafigura Group and Mercuria Energy Group Ltd. are drawing down stocks of copper on the London Metal Exchange, as strong Chinese buying tightens the market for the bellwether metal despite fears of recession.
Trafigura was behind a major part of the just over 20,000 tons requested for withdrawal on Friday, according to people familiar with the matter who asked not to be named as the information isn't public. The orders cut available inventories of copper on the LME in Asia to the lowest in a year.
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