WTF Chart Of The Day: Fat Copperfinger

Tyler Durden's picture


UPDATE: Silver prices just spiked higher also.

The last few months have seen Gold futures halted numerous times. Last week we saw stock futures collapse very rapidly in the middle of the night only to bounce aggressively. Yesterday it was the Treasury Futures turn to melt-up. Today, Copper futures just exploded 4.2% higher in a split second as huge volumes hit the COMEX. And then minutes later, it fades back.


We are sure it will be blamed on a "fat finger" but once again it suggests the algos are losing control of the asylum... Makes perfect sense to try and buy 1100 contracts in 30 seconds on Christmas Eve... so much for fiduciary duty (cue "busted trades" headline).



and close-up - each bar is 1 second...


And even closer, courtesy of Nanex:

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Tue, 12/24/2013 - 13:00 | 4273449 VD
VD's picture

predicated on an algo...the new sound fundamentalz...

Tue, 12/24/2013 - 13:37 | 4273515 idea_hamster
idea_hamster's picture

Mr. Metal-with-a-Ph.D. says "Hey!  I didn't need a prostate exam!"

Tue, 12/24/2013 - 13:02 | 4273451 HedgeAccordingly
HedgeAccordingly's picture

GIddy up.. wheee 

Tue, 12/24/2013 - 13:22 | 4273485 TeamDepends
TeamDepends's picture

And it begins...

Tue, 12/24/2013 - 13:30 | 4273507 Xibalba
Xibalba's picture

yesterdays dogs are tomorrows darlings...and vise versa

Tue, 12/24/2013 - 13:03 | 4273452 ZH Snob
ZH Snob's picture

sure glad I'm holding physical copper.  my house now glows bronze at sunset.

Tue, 12/24/2013 - 13:04 | 4273453 Mercury
Mercury's picture

Mad as hell and not going to take it anymore over at Popehat:


Tue, 12/24/2013 - 13:07 | 4273456 LetThemEatRand
LetThemEatRand's picture

The pipes in my house were temporarily more valuable so I went on a shopping spree for stuff I don't need.  Man that was fun.   Thanks algos for the wealth effect!  Oh wait, I've spent my real money but now my paper pipe gains are gone?  It was all just an illusion of wealth to make me spend money?!  Got me again Lloyd, you crafty devil.

Tue, 12/24/2013 - 13:14 | 4273467 insanelysane
insanelysane's picture

"Makes perfect sense to try and buy 1100 contracts in 30 seconds on Christmas Eve"

Look, I needed to buy the wife something last minute and the traffic at the shopping malls is crazy so...

Tue, 12/24/2013 - 13:16 | 4273470 papaswamp
papaswamp's picture

....woo look at the 10yr yield ...trying to break the big 6 month high ceiling...

Tue, 12/24/2013 - 13:18 | 4273476 El Hosel
El Hosel's picture

 What time does the Green Machine What The Fuck Market Close today?

Tue, 12/24/2013 - 13:20 | 4273486 papaswamp
papaswamp's picture

1pm EST I believe.

Tue, 12/24/2013 - 13:25 | 4273496 El Hosel
El Hosel's picture

XXXX 0000  Papa

Tue, 12/24/2013 - 13:17 | 4273472 RacerX
RacerX's picture

What?! Low volume whipsaw in the metals market? Say it isn't so..

Tue, 12/24/2013 - 13:17 | 4273477 locklimit
locklimit's picture

(ADVICE)  Put Equity futures sell orders way above the market.  These type of moves will come to the most watched liquid market last.

Tue, 12/24/2013 - 13:22 | 4273478 Kaiser Sousa
Kaiser Sousa's picture
RPT-The Big Squeeze - mystery hand scoops up copper


* One investor held over 90 pct of copper contracts


* Further squeezes seen amid shortage of inventories top center no-repeat;">     

* Exchange says rules robust against manipulation

By Eric Onstad and Josephine Mason

LONDON/NEW YORK, Dec 20 (Reuters) - Someone has made a near billion-dollar bet on copper this week, virtually cornering the world's key stocks of the metal.

That has stoked worries of a supply squeeze, as warehouses run low on a raw material vital to global industry, and has raised questions about commodity exchanges' efforts to curb attempts to manipulate prices by aggressively heavy trading.

The London Metal Exchange does not identify investors holding positions but data <0#LME-WHT> on Friday showed that a single participant was holding 50-80 percent of available copper stocks on the LME, which handles the bulk of trade in the metal. The position was nominally worth up to $753 million.

Earlier in the week, one investor - presumably the same - had held over 90 percent of short-term trading instruments <0#LME-WHC> on LME copper - a position worth at least $862 million on paper. Traders have no clear idea who is behind it.

The firm doing the buying would not have had to put up all the cash up front and may well have had hedging positions and real requirements for physical copper. But it appears nonetheless to be a substantial gamble on prices rising.

find out who it is...i bet its him

"The story of how the Fed cleared the way for JPMorgan — a decision that brought many millions in profits to the bank — illuminates how the Fed has allowed the bank into a variety of markets for basic goods. Since 1956, a federal law has limited banks’ involvement in physical commodities. But confidential documents, many obtained under the Freedom of Information Act, show that since 2005 the Fed has granted three special exemptions to JPMorgan Chase alone."




Tue, 12/24/2013 - 13:37 | 4273516 TheFourthStooge-ing
Tue, 12/24/2013 - 13:59 | 4273577 Ralph Spoilsport
Ralph Spoilsport's picture

That's supposed to be a deer? It would look better as copper pipe.

Tue, 12/24/2013 - 13:21 | 4273480 orangegeek
orangegeek's picture

fuck yeah!!!

Tue, 12/24/2013 - 13:47 | 4273549 Laughing Stock
Laughing Stock's picture

I'd like to give Mandy Drurey my "fat finger"

Tue, 12/24/2013 - 13:54 | 4273573 GrinandBearit
GrinandBearit's picture

My great big pile of pre-1983 pennies likes it.

Tue, 12/24/2013 - 14:42 | 4273670 oddjob
oddjob's picture

My JJC puts are now pennies.

Tue, 12/24/2013 - 15:15 | 4273729 JimS
JimS's picture

Actually, at least 1 manufacturer is making copper bullets, instead of lead. Maybe DHS is buying up all that copper? (and they expand quite nicely)

Tue, 12/24/2013 - 16:00 | 4273812 disabledvet
disabledvet's picture

possible. bullets with a full metal jacket contain copper. do we need bullets anymore?

Tue, 12/24/2013 - 19:13 | 4274219 bilejones
bilejones's picture

Everybody needs to have a store of four metals, Gold, Silver and lead dressed in a pretty little copper jacket.

Tue, 12/24/2013 - 16:25 | 4273877 TaperProof
TaperProof's picture

InflationBot has been engaged.

Tue, 12/24/2013 - 16:52 | 4273912 Sufiy
Sufiy's picture

The Big Squeeze - Mystery Hand Scoops Up Copper 

 Interesting time comes for the Copper plays. Commodities are so much hated asset class now, that the move could be very unexpected for many people, when rotation starts from overpriced equity markets into the real assets plays.

Tue, 12/24/2013 - 17:37 | 4274011 TaperProof
TaperProof's picture

China scooping up mad gold, kiddd

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