LME Warrant premiums
Was wondering - is the LME price a reflection of the average of all warrant premiums across all locations? In other words, is it true that, on average, you can expect to make 0 profit from receiving warrants, because your wins/losses should average out over time?
Say Chicago is a "hot" warehouse with +$100 premiums and Antarctica is "cold" with -$100 on the warrants. It would only be fair if there's an equal amount of Chicago and Antarctica warrants - or am I wrong? Can anyone explain?
That would be fair if those were the only places with metal on warrant and that was the average freight differential between the two.
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