// definition
Warehouse warrant
Title to metal held in an approved warehouse
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Short definition
A document representing ownership of metal in an approved warehouse. On COMEX, the electronic warrant transfers title when a futures contract is delivered. The recipient can leave the metal in storage or request physical withdrawal under the applicable rules. Changing ownership can leave the copper where it is.
risk atlas
Knowledge map
Intuition
Copper can change owners before it leaves the warehouse.
Primary sources
- CME, base metals deliveryElectronic title, transfer and the recipient’s options after delivery.