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.