Antwerp becomes latest spot for long queues

Oct 19, 2012 | 05:36 PM | Mark Burton

Tags  Trafigura, Nems, Antwerp, warehouse queues, lead premiums, aluminum premiums, zinc stocks, steel Mark Burton

LONDON — The Belgian port of Antwerp is the latest location affected by large queues to withdraw metal from London Metal Exchange-listed warehouses, as nearly 160,000 tonnes of lead, steel and aluminum have been cancelled over the past 10 days.

The Belgian port, which has been dominated by Trafigura Beheer BV’s warehousing unit Nems Ltd. over the past five months, has seen simultaneous deliveries and cancellations of steel and aluminum over the past week, as well as the inflow of 31,525 tonnes of zinc Thursday.

Of the 366,720 tonnes of metal stored there, 157,035 tonnes had been cancelled by Thursday, meaning that it would take around three months for material from the large volumes of stock that Trafigura has amassed to become available to the market without a high premium. ....

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