A mystery buyer is apparently holding more than half of the copper stocks at the London Metal Exchange's warehouses, the latest revelation of how a single trader can roil an entire commodities market. That trader, whom the exchange hasn't identified, owns between 50% and 80% of the 355,750 metric tons held in LME-listed warehouses. This amounts to more than 177,875 metric tons of copper, valued at about $1.5 billion. The exchange first disclosed the large position on Nov. 23 in its daily inventory holder report. http://online.wsj.com/article/SB100...44174898.html?mod=WSJEUROPE_hpp_MIDDLETopNews
Damn, I must have entered the wrong position-size parameter in that automated swing trade I have been running. Thanks for letting me know; Iâll override the system manually and see if I can get myself out over the next few days without crashing the market. Iâm learning that you just canât leave these things unattended for long. Also explains why my broker has been trying to reach me.
That's a lot of copper. According to my calculations, you can make about 105,000 miles of a thick wire with that copper, 0.46 inch in diameter.
Fast Forward in 8 minutes and listen to what they say about copper. HMMMMMMMMMMMMMMMMMMMMMMMMM!!!! <object id="cnbcplayer" height="380" width="400" classid="clsid27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,0,0" > <param name="type" value="application/x-shockwave-flash"/> <param name="allowfullscreen" value="true"/> <param name="allowscriptaccess" value="always"/> <param name="quality" value="best"/> <param name="scale" value="noscale" /> <param name="wmode" value="transparent"/> <param name="bgcolor" value="#000000"/> <param name="salign" value="lt"/> <param name="movie" value="http://plus.cnbc.com/rssvideosearch/action/player/id/1675047307/code/cnbcplayershare"/> <embed name="cnbcplayer" PLUGINSPAGE="http://www.macromedia.com/go/getflashplayer" allowfullscreen="true" allowscriptaccess="always" bgcolor="#000000" height="380" width="400" quality="best" wmode="transparent" scale="noscale" salign="lt" src="http://plus.cnbc.com/rssvideosearch/action/player/id/1675047307/code/cnbcplayershare" type="application/x-shockwave-flash" /> </object>