The news came after copper prices hit a record and other commodities surged. Read about metal gains here.
The London Metal Exchange reported Tuesday that the trader holds 80% to 90% of the copper in its stockpiles, which is equal to about half of all the exchange-registered supply of the metal in the world, the Journal said. The position is worth about $3 billion, it added.
Last month, the LME reported that a single holder owned more than 50% of the exchange’s copper. People familiar with the matter at the time said J.P. Morgan Chase /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 41.16, +0.16, +0.39%) was the holder, the WSJ reported.
Single traders also own large holdings of other metals. One trader holds as much as 90% of the exchange’s aluminum stocks. In the nickel, zinc and aluminum alloy markets, single traders own between 50% to 80% of those metals and one firm has 40% to 50% of the LME’s tin stockpiles, according to the Journal. (more)