Jiangxi will export 100,000 tonnes of copper to unwind LME shorts
May 03, 2012 | 12:32 PM
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Jiangxi Copper plans to export 100,000 tonnes of copper to London Metal Exchange warehouses in South Korea as a result of its need to unwind short positions on the exchange, an official for the Chinese copper producer said.
“The only way for us to wind off our short hedging positions on the LME is to destock,” he told Metal Bulletin.
“LME warehouses in South Korea are the cheapest option in Asia so we plan to deliver 100,000 tonnes in the following months,” the official said.
Jiangxi Copper, Xiangguang....
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