At London Metal Exchange, Mystery Buyer Holds 50-80 % of Copper

[Chuck Krug]

JP Morgan

http://www.telegraph.co.uk/finance/...r-that-bought-1bn-worth-of-copper-on-LME.html

 

[Rodney King]

Quote from Chuck Krug:

JP Morgan http://www.telegraph.co.uk/finance/...r-that-bought-1bn-worth-of-copper-on-LME.html

<i>One metals broker dealing on the LME said: "The story is that they're positioning themselves in front of the ETF."</i>

I don't believe this explanation. I suspect they're dealing in their name, but for another beneficial owner.

 

[Shagi]

Since JP Morgan have cornered the market - let the fire works begin. Lets see how they will unwind this position and turn paper profits into real money. Its scandalous that LME allows one player to corner 50% of the market.

 

[rubibond007]

JPmorgan bought the copper mostly on behalf of clients, so it doesn’t directly own all the metal.

 

[ASusilovic]

Quote from rubibond007:

JPmorgan bought the copper mostly on behalf of clients, so it doesn’t directly own all the metal.

So, who has the fire power worldwide to hold such a large position "overnight" and maybe needs even physical delivery of the stuff ? China....

 

[dave4532]

Quote from ASusilovic:

So, who has the fire power worldwide to hold such a large position "overnight" and maybe needs even physical delivery of the stuff ? China....

China or Japan. This has happened with a Japanese trading firm before. They were then accused of manipulation. I think it was around 1996.

 

[Hook N. Sinker]

Lots of fund managers could hold a big position in copper.

I recall Mr. Andrew Hall, and Citigroup:

http://www.dail*****.co.uk/news/art...s-60m-bonus-profiting-petrol-pump-misery.html

"He is credited with buying every available oil futures contract in 2003"

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