Copper service centers see orders rise
Oct 06, 2011 | 06:27 PM
| Chris Prentice
Tags
copper,
service centers,
inventories,
comex,
chris prentice
NEW YORK — Service centers are seeing more orders from customers seeking to lock in lower copper prices, but the increased business may not offset losses from plunging inventory values, sources told AMM.
"We have a large inventory devaluing by the minute," one service center source said. "(But) we have customers calling who want to lock in large volumes. More orders are coming in."
He said that his company had received an order for 300,000 pounds over the next year and had gone to the futures market to lock in prices, which is not standard practice for the distributor. Albeit a relatively small quantity, it was a large enough quantity for the size of the business to encourage hedging.....
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