Copper In New York Gains To Record As China Raises Rates To Ease Inflation

Bloomberg:

Copper in New York climbed to a record and Shanghai gained after China raised interest rates for the second time since mid-October, spurring expectations that the government may refrain from further tightening measures in the short term.

Read the whole story: Bloomberg

Comments

[IgnoranceIsStrength]

12:23 AM on 12/29/2010

s commodity prices soar to new records, the ability of a few traders to hold huge swaths of the world's stockpiles is coming under scrutiny.

The latest example is in the copper market, where a single trader has reported it owns 80%-90% of the copper sitting in London Metal Exchange warehouses, equal to about half of the world's exchange-registered copper stockpile and worth about $3 billion.
http://online.wsj.com/article/SB10001424052748704118504576034083436931412.html?mod=wsj_share_twitter

[Name Not In Use]

04:31 AM on 12/28/2010

Devaluation of the dollar continues.
Get used to it.
You can't print copper.

[theyenguy]

09:01 PM on 12/27/2010

The Shanghai Shares, traded by CAF, entered into an Elliott Wave 3 of 3 Down on December 14, 2010, as they fell from December 13, 2010 price of 28.55. On December 23, 2010, Economic Policy Journal reported that the POBC raised the benchmark one year lending rate 25 basis points to 5.81%, and raised the one year deposit rate 25 basis points to 2.75%. This is the second series of rate hikes in the last 30 days. The shares traded 1.4 % lower today on credit tightening. The Elliott Wave 3 of 3 down is the most sweeping of all waves. It is the one that builds wealth on the way up and destroys wealth on the way down. This wave down will for all practical purposes destroy the accumulated wealth in the Shanghai Index.

Elliott Wave Surfer in article Shanghai Composite – Wave 3 down? states: I still regard the decline since early August 2009 as wave [C]. If this count is the right one, then we have just started wave (iii) of 3 of 3, which should be the most powerful of the declines in the [C] leg down

[nixrox04]

04:37 PM on 12/27/2010

OK...so copper's up again. What we really want to know is which trader and/or firm was allowed to corner 90% of the copper market?

[TomFox]

07:12 PM on 12/27/2010

I saw something here a couple of weeks ago stating that JPM had made a huge purchase.