JP Morgan revealed as mystery trader that bought £1bn-worth of copper on LME - Telegraph

JP Morgan revealed as mystery trader that bought £1bn-worth of copper on LME - Telegraph: "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.
A high premium on the spot copper price normally reflects fear of a shortage of the metal, which is in hot demand across the world as a vital component in a mass of products from electrical gadgets to wiring.
A source close to the situation said that JP Morgan had bought the copper contracts, adding that amount is closer to the 'lower portion of the range' disclosed by the LME."

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