Surge in New Orleans Copper Orders Give Tight Market Impression

Bloomberg reported that a spike in orders to remove copper from New Orleans stockpiles tracked by the LME may create an illusion of a tight market.

As quoted in the market report:

The orders, also known as canceled warrants, increased the most since June 11 overall, gaining 29 percent to 48,075 metric tons as 11,550 tons was earmarked for delivery in New Orleans, LME figures showed today. Copper bookings in the city climbed 44 percent to 37,875 tons, the highest level since March.

To view the whole Bloomberg report, click here.