WSJ: One trader holds 80%-90% of LME copper

The Wall Street Journal is reporting that a single (unnamed) trader holds about $3 billion worth of copper in the London Metals Exchange (LME) warehouses, which is 80% to 90% of the copper held in the exchange. Copper prices on the LME reached a new ...
Dec. 23, 2010

The Wall Street Journal is reporting that a single (unnamed) trader holds about $3 billion worth of copper in the London Metals Exchange (LME) warehouses, which is 80% to 90% of the copper held in the exchange. Copper prices on the LME reached a new record high of $9,353.50 per metric ton on Tuesday and copper in New York hit a record $4.2705 per pound, rallying along with the stock market.

"J.P. Morgan Chase & Co. recently had a large position in copper, though it is unclear whether the U.S. bank increased its holdings or whether a new player has taken a dominant position," the Journal said.

This should be an interesting story to follow.

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Doug Chandler, Senior Staff Writer

Executive Editor

Doug Chandler began writing about the electrical industry in 1992, and still finds there's never a shortage of stories to be told. So he spends his days finding them and telling them. Educationally, he's a Jayhawk with an English degree. Outside of work, he can often be found banging drums or harvesting tomatoes.