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Copper Surges After Report Mysterious London Buyer Has Cornered Up To 90% Of Market

Copper prices are surging this morning (in the face of Goldman's recent warnings of a plunge), jumping 4 handles apparently on the heels of a WSJ story in which LME admits that a single buyer has snapped up more than half the copper held in London Metal Exchange warehouses, giving it control over a crucial source of supply and raising concerns among traders about the potential for higher prices. What is more remarkable is, as WSJ reports, on several occasions in the last month, this buyer held as much as 90% of the world’s copper stored in LME-licensed warehouses. Though no confirmation has been given traders suggest the firm cornering the copper market is Red Kite Group, a London hedge-fund manager that focuses on metals trading.

For more details and impressive charts go to:
http://www.zerohedge.com/news/2014-10-2 ... -90-market

good job Adam

Go Adam

Compare this with Yasuo Hamanaka of Japan's Sumitomo Corp., who was nicknamed Mr. Copper for controlling approximately 5% of the world's supply of copper from the mid-1980's til around 1995. He was considered to have manipulated the price of copper worldwide to a then-artificially high price. Now the magic question- even at 90% of LME inventories, what percent of the world supply is that? This shall indeed be interesting to watch. Thanks for sharing this! Can you imagine trading a common date wheat cent straight up for a war nickel? Wouldn't that be something?!? Yes, I am just fantasizing...