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JP Morgan revealed as mystery trader that bought £1bn-worth of copper on LME
Dec. 06, 2010 02:33PM PST
Base Metals Investing The Daily Telegraph reports that JP Morgan is the mystery trader that grabbed more than half the copper on the London Metal Exchange.
The Daily Telegraph reports that JP Morgan is the mystery trader that grabbed more than half the copper on the London Metal Exchange.
The editorial is quoted as saying:
The $1.5bn (£1bn) trade was described in the LME’s daily update as “between 50pc and 80pc” of the 350,000 tonnes in reserves. This pushed up the price for the immediate delivery of copper to $8,700 – its highest level since the financial crisis in October 2008.
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