Glencore Buys Russian Copper on LME to Feed Tight Chinese Market
Glencore Plc has been buying Russian copper on the London Metal Exchange and plans to deliver it into China, in a trade that highlights a squeeze on supplies in the world's largest copper consumer.
In the past three trading sessions there have been requests for delivery of about 15,000 tons of copper from LME warehouses in Rotterdam, according to exchange data, drawing down available exchange inventories to the lowest in a year. Glencore was the key trader behind those withdrawal requests and is making plans to deliver the metal, which is Russian in origin, to China, according to people familiar with the matter.
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