CNBC is reporting that JP Morgan is not the single trader that owns 90% of London copper.
Insiders tapped the bank as the sole holder of 50% of the metal, on the LME, in November.
But “sources close to the situation” confirmed to CNBC that Jamie Dimon’s bank is not the owner.
After it was revealed that “a single trader has reported it owns 80% to 90% of the copper” on the LME, which is worth $3 billion and represents about half of the world’s exchange-registered copper stockpile, some speculated JP Morgan was that trader.
If they’re not, who is?
JP Morgan has historically denied that it owns a huge chunk of the copper sitting in London Metal Exchange warehouses.
Whoever it is, they’re smiling; copper is up 28.3% this year and on Tuesday it rallied to a record high of $4.2705 per pound. The LME’s three-month copper contract closed at $9,353.50 per metric ton – also a new high.
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