Copper service centers see orders rise
Oct 06, 2011 | 06:27 PM
| 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.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.