Bloomberg: Chinese bought more than half of Russian copper on the London Metal Exchange
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Over the past three weeks, more than half of the copper on the London Metal Exchange (LME) has been ordered by traders for delivery to Chinese buyers. Bloomberg. Most of this copper “is of Russian origin,” according to the agency.
In total, during the specified period, traders requested the supply of more than 70 thousand tons of copper from the LME warehouses. Most of it is intended for consumers in China, another part is for Russia, sources told Bloomberg.
One of the unnamed traders told the agency that their Chinese buyers “didn’t care if the copper they bought was of Russian origin.” According to the LME, up to 80% of the copper on the exchange in recent months was from Russia. An LME spokesperson declined to comment.
Bloomberg notes that now the amount of readily available copper in LME warehouses has fallen to 42,300 tons. Copper volumes on the exchange are approaching a multi-year low, which was recorded in 2021 against the backdrop of a record reduction in supply in the copper market.
How informed Chinese Customs, imports of refined copper from Russia to China nearly doubled in September, to 39,578 tons. Last month, Russia also delivered record volumes of gas and steel coal to China. For nine months of 2022, the trade turnover between Russia and China made up $136 billion, up 32% from the same period in 2021.
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