Patty Hayes (4 Dec 2010)
"Mystery trader captures 80pc of London's copper market and Fox News"

 
Hi Doves,
 
It was rather striking to listen to Fox News Report the Unemployment at 9.8 percent as we well know it is much higher than the Gov't figures reports.  I was quite stricken to listen to Bill Hemmer on Fox News kept repeating "are we going to become a 3rd World Country?'.  Throughout much of the opening minutes he continued with pondering how that we are such a decline. 
 
Then Fox reporting the deficit bill being shot down and that Congress gave the okay to increase taxes on the $250K and above and now waiting on the Senate to make their vote, then to also see if Congress and the Senate will/will not approve continued unemployment benefits. 
 
This article below speaks of the handiwork of Spooky Dude and if not Spooky Dude, then someone very much like him.  And also to learn the fires in Israel are brought to you by none other than terrorist.  Do tell!  That was an easy figure out one. 
 
Patty Hayes
 
 

A single trader has gobbled up to four-fifths of the copper traded in London, stockpiling it in warehouses.

Mystery trader captures 80pc of London's copper market
Mystery trader captures 80pc of London's copper market Photo: ALAMY

The unknown buyer has been building up the dominant position since at least last week, putting a squeeze on the market.

According to the rules of the London Metal Exchange, the trader must lend out copper if it holds between 50pc and 80pc of the total to maintain day-to-day liquidity in the market. The trader is currently lending at a 0.5pc premium to the cash price.

The premium for spot price copper over delivery in three months' time reached $89 in the middle of this week - the highest in two years.

Stockpiles in London have fallen by more than a third since their levels at the beginning of the year.

LME copper was steady at $8,720 per tonne this morning, having reached a high of $8,732 earlier. A record price of $8,966 was hit in mid-Novermber.

The large position is not the only reason the copper price is high.

There are fears of a shortfall in supply next year, as mining production is not expected to keep pace with rebounding demand following the recession.

Two US investment banks and one UK company also want to launch exchange-traded funds linked to copper, which is likely to suck demand out of the market further.