Over the past couple of weeks, a mystery trader purchased more than 50% of all the copper stocks on the London Metals Exchange, valued at over $1 billion. There were rumors that whoever it was is trying to corner the copper market.
As it happens the mystery bank is JPMorgan Chase (JPM), The Wall Street Journal reported, citing The London Daily Telegraph. The bank bought some of the copper for clients. But the bank owns a large chunk, estimated at 175,000 metric tons.
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