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Looks like somebody's cornering copper
The Big Squeeze -- Mystery Hand Scoops Up Copper
By Eric Onstad and Josephine Mason
Reuters
Friday, December 20, 2013
Someone has made a near billion-dollar bet on copper this week, virtually cornering the world's key stocks of the metal.
That has stoked worries of a supply squeeze, as warehouses run low on a raw material vital to global industry, and has raised questions about commodity exchanges' efforts to curb attempts to manipulate prices by aggressively heavy trading.
The London Metal Exchange does not identify investors holding positions but data on Friday showed that a single participant was holding 50-80 percent of available copper stocks on the LME, which handles the bulk of trade in the metal. The position was nominally worth up to $753 million.
Earlier in the week, one investor -- presumably the same -- had held over 90 percent of short-term trading instruments on LME copper -- a position worth at least $862 million on paper. Traders have no clear idea who is behind it. ...
... For the full story:
http://www.reuters.com/article/2013/12/20/copper-squeeze-idUSL6N0JX2FG20...
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