(Updates with comments from Sucden from sixth paragraph).
April 20 (Bloomberg) - an unidentified company has the potential to possess up to 89% of lead in warehouses monitored by the London Metal Exchange, a position of 704 million at the current price, showed the Exchange data.The so-called warrants Tom banding report reported today a dominant position of 80 to 89 percent of April 18, the most since February 11, according to the LME. Exchange uses the report applied the guidelines requiring the owners of metal stock to lend at fixed rates. "Clearly there is a dominant lead today, but we have our methodology ready orientation, which is what we use to deal with this situation, said Chris Evans, responsible of business development at the LME in London. "If there is a dominant on the market and someone must the metal, then ready orientation can be invoked to ensure that metal is provided by the dominant on the market at a premium limited."Lead, used in plumbing and vehicle batteries, this month reached the highest level for almost three years. Prices gained after producer Ivernia Inc. has discontinued its Magellan Australia West mine and Mitsubishi Materials Corp., said it would boost output to meet an increased demand for batteries after the earthquake on March 11 metal of the use of Japan.Chinese for three months delivery rose $63, or 2.5%, to $2,620 per metric ton by 1: 00 pm on the LME. Prices reached $2,904, the highest level since April 17, 2008, April 11. Lead has more than doubled since the end of 2008, helped by demand from China, the largest buyer of the world. "We know who are the long positions,"Steve Hardcastle, head of customer service for industrial products to the broker Sucden Financial Ltd., said at a press conference in London today." "If they can maintain, I think that it is questionable, given the current level of stock deliveries."Lead LME stocks total 301,950 tonnes, the most since March 1995, daily exchange figures show today. Stocks jumped 45 percent this year, the largest increase among the six major metals traded on the Exchange. "" The high level of backwardation attracted stock, "Hardcastle said. Backwardation denotes a market in which approach - dated metal trades at higher prices than the contracts later dated, potentially indicating concern about the supply.Responsible for the Treasury has recently been at a premium of $32.85 per tonne to the metal, three months after having reached $82.25 on 18 April. The cost of borrowing of lead a day, also known under the name of tom-next propagation, last $ 6 per tonne.-Editors: Dan weeks, John Deane.
To contact the reporter on this story: Agnieszka Troszkiewicz at the atroszkiewic@bloomberg.net London
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
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