Commodities trading company Trafigura is planning to take out a large amount of copper from London Metal Exchange (LME) registered warehouses, and the copper might remain in Europe.

According to the LME data, canceled warrants totaled 26,000 tons, accounting for 31.2% of the LME copper stocks. Most of the canceled warrants, totaling 20,600 tons, are in Rotterdam, the Netherlands.

Trafigura refused to give a comment on whether it was behind the cancellation, but it said that the company is making sure it can continue to supply the metals to customers amid an environment with limited supply.