Trafigura, the commodities trader, is planning to withdraw a large amount of copper from its warehouses registered with the London Metal Exchange, two people familiar with the matter said, adding that it was likely to remain in Europe. Copper stocks in LME-registered warehouses, at 83,325 tonnes, are already low. Cancelled warrants (metal specified for delivery) accounted for 31.2 per cent or 26,000 tonnes. That compares with 12 percent on Jan. 3. Most of the cancelled warrants were based in Rotterdam, the Netherlands, according to the latest LME data. Trafigura declined to comment on whether it was behind the cancellations, but said: "In a constrained supply environment, as reflected by high European copper benchmark prices, we are ensuring that we can continue to provide our customers with the metal they need."
