One Company Gains $3.5 Billion Dominant Copper Stake
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One unidentified company has the potential to own at least 90 percent of the copper in warehouses monitored by the London Metal Exchange, the largest such position in two years, bourse data showed.
The so-called dominant position indicated in the Warrant Tom Banding Report was previously 80 percent to 89 percent and last exceeded 90 percent on Nov. 7, 2008, according to the LME. The report is used by the LME to apply guidelines that oblige the owner to lend metal at fixed rates. The figure includes stockpile holdings and futures contracts that expire in the next two trading days. Ninety percent of the LME stockpiles is worth about $3.5 billion at today’s price.