China is exporting copper now

[sandwind]

The firm, a subsidiary of China's largest copper producer Jiangxi Copper Corp., said it will ship an undisclosed quantity over the next few months in lieu of cash to settle short-position contracts.
http://english.caixin.com/2012-05-30/100395560.html

[D-Mack]

Re: China is exporting copper now

I sold scrap copper recently for 4.90 €/kg, it was never that high for me.
Although LME prices were higher before (in 2010 e.g.) http://www.lme.com/copper.asp


Interesting company btw

Some analysts say Jiangxi and other Chinese companies have found themselves caught in a trap set by western trading houses such as the Swiss powerhouse Glencore International Plc, the world's largest copper merchant by volume.
One futures trader said Glencore is "hoarding copper and manipulating stock levels by registering or canceling tonnages at will." Fu said his firm predicted Glencore's moves last year and warned that the trader might cancel stocks to drive up prices.

...In that same year - 2008, much of Zambia's exported copper, almost half of which was earmarked for Switzerland, never arrived at its destination - disappearing into thin air. Moreover, the pricing structure for Swiss copper - remarkably similar to Zambia's exported copper - was six times higher than the funds Zambia received, facilitating a potential loss of some $11.4bn. This is especially interesting when taking into account that Zambia's entire GDP for 2008 was $14.3bn.
Glencore's lucrative policies
This type of corporate corruption - known as transfer mispricing, made headlines recently when a leaked report authored by Grant Thornton at the request of the Zambia Revenue Agency (ZRA) unpacked how the Glencore-controlled lucrative Mopani Copper Mines (MCM) - a company which declared no profits, was cheating the country's tax base of copper revenue.
The auditors disclosed that MCM tried "resisting the pilot audit at every stage", rendering them unable to access crucial data in many instances. MCM's chief executive, Emmanuel Mutati, claimed that the audit was not accurate, precisely because data was inaccurate. Yet Glencore, the world's largest commodity trader, controlling 50 per cent of the global copper market, is confident that MCM will be "exonerated".
In all probability, Glencore will be saying that transfer pricing is perfectly legal and central to trade. But the nature of "arms-length transfer pricing" within the current deregulated global financial architecture, enables multinationals (conducting as much as 60 per cent of global trade within - rather than between - corporations) to "self-regulate" pricing.
...
http://www.aljazeera.com/indepth/opi...244589715.html