Metal trading group Trafigura is behind the withdrawal of a significant chunk of the copper stocks held in London, according to a report today.
London Metal Exchange warehouses now have their least stocks since 1974, according to the report, which has led to wild gyrations in the price of copper with the buy/sell spread now the widest on record.
Copper prices have moved sharply higher recently as a result of Trafigura’s actions, said the Bloomberg report.