Singapore Warehouses Are Filling Up With Surplus Lead and Zinc [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: BNN Bloomberg
More than 64,000 tons of lead flooded into the port last Wednesday, a 34% rise that lifted total inventories to the highest since 2013. A large percentage of that particular material was delivered by Citigroup Inc., according to people familiar with the matter, after spot prices rose relative to futures, making it costlier to keep hold of the material. The surge in stockpiles offers fresh evidence that a long spell of undersupply is ending in some metals as industrial activity weakens and high interest rates sap demand for manufactured goods like automobiles — which account for about 85% of lead demand. But it also reflects shifting dynamics on the LME as traders and warehouses respond to weaker markets. The past year has seen a return of metal financing plays as a major driver — with Citi emerging as key participant — and so-called “rent sharing” deals being offered by warehouses are incentivising deliveries in places like Singapore that haven't typically drawn huge volumes. R
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Sec Filings
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