Single trader holds 90% of LME copper, WSJ says

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

 

http://online.wsj.com/article/SB10001424052748704118504576034083436931412.html?mod=googlenews_wsj

"Single traders also own large holdings of other metals. One trader holds as much as 90% of the exchange's aluminum stocks. In the nickel, zinc and aluminum alloy markets, single traders own between 50% to 80% of those metals and one firm has 40% to 50% of the LME's tin stockpiles."

 

Well. It's not me.

 

This news was out 2 weeks ago? Pretty sure it was JP Morgan - either buying for all the copper ETF's or hedging their silver shorts.

 

1) Suss, is that "you"?
2) If the world adopts a Copper Standard, you'll really really be rich. :eek:

 

My guess is the party is Trafigura. They are hiring lots of new metals traders BTW. Great if you don't mind a company that dumps toxic waste along the African coastline.

 

Futures and options should be banned from commodity trading

Only spot

The whole world paying more for stuff that really costs a fraction of it

And the vultures making money with no sweat.

Capitalism is supposed to reward hard work not taking risk only. Something is wrong with the system and the whole world pays and a few people enjoys it.

 

Take a look at the tax code in any Western country.

I agree with you on the system being wrong, though.

 

1) Don't you think you're at the wrong website with your "beliefs"?
2) Derivatives trading removes "pricing power" from "greedy industrialists".
3) If you feel guilty about your "success", you can give away your money to those less fortunate.

 

Stop coming over to this board and do nothing by posting.

Go back to your field and grew your own crops, do the real hard works.