Reported about 8 hours ago
Citigroup has recently deposited significant quantities of lead into London Metal Exchange (LME) approved warehouses to engage in profitable rent-sharing agreements, according to sources. These arrangements allow companies delivering metal to LME warehouses to share the rental income from new owners, with much of the lead in Singapore warehouses—90% of the total in the LME network—under such deals. The daily rent for lead in Singapore is reported at 51 U.S. cents per ton, potentially generating nearly $14,000 daily for the 27,250 tons deposited.
Source: YAHOO