LONDON, March 26 (Reuters) - North American metal producer
Asarco Inc recently bought 15,000 tonnes of physical copper to
meet customer needs but has no immediate plans to buy more,
Richard de J. Osborne, Asarco Chairman and Chief Executive, said
on Thursday.
Asarco purchased most of this in the physical market, but
some copper was acquired from LME and Comex warehouse
inventories, Osborne said at a presentation to analysts in
London.
Asarco had to do this to meet its customers' needs.
Typically, Asarco contracts allow customers to opt for a certain
percentage more or less of copper if needed.
"We will have to see what our customer requirements are...we
have done those at the moment," Osborne said when asked if
Asarco was considering further purchases.
The extra offtake reflected a strong market. It was not
related to the planned annual shutdown of the Hayden smelter.
This was closed on March 17 and will-open on April 18, he said.
london.commodities.desk@reuters.com))
Copyright 1998, Reuters News Service
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