Every weekday in December, tED magazine is counting down the Top 20 Stories of 2013. Below, the #9 story of 2013, originally posted on April 15, 2013.
A report in the Wall Street Journal today says two major commodities-trading firms are amassing much of the world’s copper supplies in their warehouses, partly by paying to divert shipments away from other storage hubs, traders and analysts say.
Some manufacturers and builders, the report says, are worried that those stockpiles of copper could prove tough to procure if demand were to pick up sharply or output from mines were disrupted.
“The current situation, where LME (London Metal Exchange) warehouse owners are paying huge incentives to attract copper, and then have those units subject to long load-out queues, is effectively making that copper unavailable for immediate delivery to serve industrial consumers,” a spokesman for Southwire Co., the largest U.S. copper-wire maker, said in an emailed statement to the newspaper.
“Copper prices have fallen since February amid expectations of a supply glut, but buyers say they are starting to pay hefty fees to get metal when they need it—on top of the actual price of copper—because so much is being diverted into warehouses,” the newspaper said.
For the full article click on to www.wsj.com
Read the rest of the Top 20 list here:
#20 Crescent Electric Acquires Lake Electric Supply – March 5, 2013
#19 Reports: Copper Delivery Prices Soar – May 31, 2013
#18 Blog: WESCO Outlook – August 13, 2013
#17 Graybar achieves near-record profitability in 2012 – March 15, 2013
#16 Blog: Wesco’s Strategies For Growth – November 13, 2013
#15 Blog: Siemens shareholders approve Osram spin off – January 25, 2013
#14 Blog: Acquisitions fueled distributors’ growth in 2012 – March 4, 2013
#13 Southwire Introduces Electrician’s Tools – July 18, 2013
#12 Southwire Announces Organizational Changes – January 22, 2013
#11 2013 tED Magazine Best Of The Best Awards – August 7, 2013
#10 Blog: Amazon, Google Supply Update – August 30, 2013
#9 WSJ: Copper supply concerns – April 15, 2013
#8 Huge copper theft bust in Arizona valued at $10 million – May 6, 2013
#7 NAW speaker predicts strong economy, copper inflation for 2013 – January 30, 2013
#6 Leff Electric Acquired by AMP Electric – October 2, 2013
#5 Southwire to roll out new cable pull technology – March 12, 2013
#4 Super Bowl blackout traced to preventive equipment – February 8, 2013
#3 tED magazine 2013 30 Under 35 List – June 4, 2013
#2 Eaton executive outlines company’s future with Cooper – January 8, 2013
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