I cannot believe this is not causing any concern. In fact, none of the usual suspects are even putting out blogs how this will effect copper all the way up the chain? And someone explain how compliance by this trader, meaning he has to lease contracts out at reasonable prices has ANYTHING to do with end use? Leasing out a contract only assists in leveraging against another contract. A temporary lease doesn't provide physical copper? $3 Billion and they corner the market? And the price is stable?
I think it says LME represents about 50% of the world's registered copper. So, I don't know what that means in terms of world supply, but for 3 illion dollars they own 45% of all the world's registered copper? Doesn't make sense. Too low a price.