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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 382.87

-0.8%

Nov 13 4:00 PM EST

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To: Snowshoe who wrote (2056)	11/18/2005 4:11:09 AM
From: Snowshoe	Read Replies (2) of 217753

China to Default on Copper Contracts Amid Shortage, Lawyer Says Nov. 18 (Bloomberg) -- China may default on money-losing copper trades because the country doesn't have enough of the metal to make good on delivery commitments next month, said Mark Topfer, the former No. 2 lawyer at the London Metal Exchange. China's obligations for copper deliveries into exchange- approved warehouses are ``infinitely higher than the stock that exists,'' said Topfer, a senior associate director at law firm Norton Rose in London. He was the exchange's deputy general counsel until last year and advises LME brokers and customers. As much as 200,000 metric tons of copper must be delivered because of positions amassed by Liu Qibing, a trader for an affiliate of the National Development and Reform Commission, the top planning agency, the state-run China Daily said Nov. 17, citing an unidentified official. There are only about 140,000 tons of copper in global warehouses, Topfer said. more... quote.bloomberg.com

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