<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.
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.
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.
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" <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3033752 \img>