Single trader holds 90% of LME copper, WSJ says

[galvinlee888]

Quote from ASusilovic:

SAN FRANCISCO (MarketWatch) ?A single trader holds up to 90% of the copper in London Metal Exchange warehouses, the Wall Street Journal reported late Tuesday.

The news came after copper prices hit a record and other commodities surged. Read about metal gains here.

The London Metal Exchange reported Tuesday that the trader holds 80% to 90% of the copper in its stockpiles, which is equal to about half of all the exchange-registered supply of the metal in the world, the Journal said. The position is worth about $3 billion, it added.

http://www.marketwatch.com/story/single-trader-holds-90-of-lme-copper-wsj-2010-12-21

JPM ..

 

[stock777]

I think anyone should be allowed to control a commodity and force you to pay a higher price for it.

Who do you think you are?

 

[nazzdack]

Quote from galvinlee888:
JPM...

You may be thinking of silver, not copper.

 

[drcha]

Quote from misterno:


Capitalism is supposed to reward hard work not taking risk only.

I respectfully disagree. Risk taking is rewarded. Specifically, successful risk taking is rewarded.

Ditch diggers alert: Hard work is not rewarded.