Glencore, JP Morgan hold strong copper position

Apr 18, 2012 | 08:34 AM |

Glencore and JP Morgan are the likely holders of the dominant positions in copper futures and warrants on the London Metal Exchange, sources told Metal Bulletin at the Cesco conference in Santiago.

LME data showed two dominant positions in warrant, tom and cash positions on April 16, the first of which held 50-80% of all positions, while the second held 30-40%.

Glencore is said to have built its position from the beginning of the year, when it was caught short following a fire at the Pasar refinery in the Philippines.
The Switzerland-based mining and trading house is rumoured to have switched its position in the market following the fire in January, building a dominant position on the LME in a move that has put pressure on traders with short positions.....

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