Jiangxi Copper Plans to Stop Exports to London Metal Exchange

Bloomberg reported that Jiangxi Copper Co. (SHA:600362) has planned to stop exports to London Metal Exchange warehouses as copper prices dropped 9% in May.

As quoted in the market news:

Jiangxi Copper, along with most producers in the China Smelters Purchase Team, agreed to export the metal to bring down cash prices and help lower domestic stockpiles, Su said on May 2. Copper for three-month delivery has fallen 11 percent on the LME since then amid concern of an economic slowdown in China and the unresolved debt crisis in Europe.

Click here to read the full Bloomberg report.