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Copper Surges After Report Mysterious London Buyer Has Cornered Up To 90% Of Market

Tyler Durden's picture




 

Copper prices are surging this morning (in the face of Goldman's recent warnings of a plunge), jumping 4 handles apparently on the heels of a WSJ story in which LME admits that a single buyer has snapped up more than half the copper held in London Metal Exchange warehouses, giving it control over a crucial source of supply and raising concerns among traders about the potential for higher prices. What is more remarkable is, as WSJ reports, on several occasions in the last month, this buyer held as much as 90% of the world’s copper stored in LME-licensed warehouses. Though no confirmation has been given traders suggest the firm cornering the copper market is Red Kite Group, a London hedge-fund manager that focuses on metals trading.

 

 

As The WSJ reports,

A single firm has owned at least 50% of the copper in LME-licensed warehouses for much of the last four months. Accumulating such a dominant position became easier in June because the amount of metal under the exchange’s watch had plummeted, as had prices. The warehouses have held less than 160,000 tons of copper since mid-June, compared with more than 360,000 tons at the start of the year. Some analysts say copper production is running behind demand, forcing some users to draw on stockpiles in LME-licensed warehouses.

 

 

On several occasions in the last month, this buyer held as much as 90% of the world’s copper stored in LME-licensed warehouses, equal to about 140,000 tons, or enough to make the copper parts of the Statue of Liberty more than 1,700 times. As of Wednesday, the buyer owned between 50% and 80% of copper held in warehouses, according to the most recent exchange data.

Rumors are that it is Red Kite...

Established in 2004, Red Kite is now run by two of its founding partners, Michael Farmer and David Lilley, both alumni of the German industrial conglomerate Metallgesellschaft AG, which collapsed in 1993. The fund is known for its bold and extremely profitable trades involving copper, as well as other metals. Red Kite Group manages $2.3 billion, according to its website.

 

Red Kite declined to comment.

The London Metal Exchange, owned by Hong Kong Exchanges & Clearing Ltd. , doesn’t limit how much metal a single trader may hold in its warehouses, and says that it has mechanisms in place to prevent market squeezes—a situation in which holders of a large share of the supplies use their position to jack up prices.

Some traders say the concentration of so much copper under one firm’s control is already driving up prices. It costs about $72 more per ton to buy copper for delivery today than for delivery in three months.

 

“There’s no reason for anyone to be holding 70% of the stocks of the commodity,” said Jessica Fung, head of Commodities Metals at BMO Capital Markets.

*  *  *

As Metal Bulletin notes,

The Red Kite metals fund posted returns of just over 50% in 2013 after a well-timed switch from a short to a long position in the copper market around the time that prices posted their lows for the year, well-placed sources told Metal Bulletin.

Simply put, they were the market (buying it up in hopes to corner the market)...

The long position delivered returns as copper prices rebounded to finish the year up nearly $700 from its 2013 low, but Red Kite also made strong returns on physical inventory and spreads as copper premiums jumped in Asia and the LME forward curve moved into backwardation, market sources told Metal Bulletin.

 

"The Red Kite switch was definitely up there as one of the big trades of the year; the volumes were huge," a source active in the copper market told Metal Bulletin.

 

At the time, sell-side analysts in particular were turning strongly bearish on the copper market, reacting in part to lagged evidence of the slowdown in demand that prompted Red Kite to run short positions around the start of the year, sources said.

 

"Good data is very hard to come by in the copper market, and at the time I think a lot of people were trading looking in the rear-view mirror," one observer of the company told Metal Bulletin.

*  *  *
Summing it all up - Is Red Kite the next Amaranth?

*  *  *

The irony of someone cornering another metals market a week after the death of Nelson Bunker Hunt is not lost on us.

 

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Mon, 10/27/2014 - 13:07 | 5382763 Capitalist
Capitalist's picture

Bunker Hunt is alive!

Mon, 10/27/2014 - 13:12 | 5382797 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Start a rumor and force a short sqeeze. Someone is laughing all the way to the bank (or in it).

Mon, 10/27/2014 - 13:30 | 5382897 0z
0z's picture

Is anyone supposed to give a fuck what Jessica Fung's opinion on this matter is? If they stick with it, they're gonna make a shitload of money. But their profit may end up being 'nationalized'.

Mon, 10/27/2014 - 13:34 | 5382916 Manthong
Manthong's picture

Something doesn’t sound right here.

Barrick alone expects 2014 copper production to be something over 200,000 tons.

http://www.barrick.com/operations/

 

Mon, 10/27/2014 - 13:39 | 5382931 0z
0z's picture

This is the real 'short-bond' trade.

Mon, 10/27/2014 - 14:05 | 5383020 PAPA ROACH
PAPA ROACH's picture

Amaranth 2.0 in the making here folks...... Grab some popcorn and a few put options and watch

Mon, 10/27/2014 - 14:26 | 5383145 linniepar
linniepar's picture

PBOC, Russia, Vampire Squid or Twinklevoss twins?

Mon, 10/27/2014 - 16:45 | 5383655 BigJim
BigJim's picture
 Copper Surges After Report Mysterious London Buyer Has Cornered Up To 90% Of Market

Wow, Tyler, copper's up 1%! That really is exciting :-)

Mon, 10/27/2014 - 14:30 | 5383148 Save_America1st
Save_America1st's picture

metals market manipulation???  That's hilarious...only conspiracy nuts believe in that.  It's just a spook story that metals stackers tell their kids at night...try to manipulate the metals market and Keyser Soze will gitchya.

We all know there's no such thing as manipulation of metals markets....sheesh.

;-)

Mon, 10/27/2014 - 13:40 | 5382940 James_Cole
James_Cole's picture

No way to corner copper, after dropping under 3$ this story sounds like desperation..

Mon, 10/27/2014 - 14:12 | 5383032 Watson
Watson's picture

Agreed. 25 yr chart shows, for long period, trading range _top_ at USD 1=50. Went to USD 1=50 again in 2009. Recent years price activity looks like speculative blow-off starting 2005, slightly surprising not yet collapsed - effect of ultra-low interest rates? To me, when it goes, it halves back to USD 1=50. And anyway, a rise of 1% is _not_ a surge. Watson

Mon, 10/27/2014 - 13:41 | 5382942 KnuckleDragger-X
KnuckleDragger-X's picture

It's not about production, its about driving the market. London market is easiest to rig and the rumor is now running. Muppets roasting on an open fire.

Mon, 10/27/2014 - 14:57 | 5383279 Kirk2NCC1701
Kirk2NCC1701's picture

<--- The East:  China, Russia, India

<--- The West:  Soros, Buffet

Which of THESE is most likely to have done it?  BTW. I'd have added GS to the list, but Squid Vicious only corners paper and politicians, not hardware.

Mon, 10/27/2014 - 13:14 | 5382805 thunderchief
thunderchief's picture

It is funny how this happens with a base metal, one that is linked with gold production and the greater faultering economy, but oddly, with gold and silver physical demand hitting record highs, there is no mystery man cornering these markets. Maybe its just the Fed again.

Mon, 10/27/2014 - 13:20 | 5382848 SoilMyselfRotten
SoilMyselfRotten's picture

Guessin the derivatives on copper are relatively less than gold and silver

Mon, 10/27/2014 - 13:43 | 5382944 halfasleep
halfasleep's picture

maybe they should change their name to Copperman Sachs

Mon, 10/27/2014 - 13:45 | 5382947 KnuckleDragger-X
KnuckleDragger-X's picture

Copper is underrated as a value store but only if there is demand or in this case, if you can herd the market.

Mon, 10/27/2014 - 13:32 | 5382906 firstdivision
Mon, 10/27/2014 - 13:07 | 5382766 Bangin7GramRocks
Bangin7GramRocks's picture

Hey, isn't that ill..ah fuck it. Nevermind!

Mon, 10/27/2014 - 13:07 | 5382767 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

I'm sure our regulators will get straight to the bottom of this.  

 

Whats next?  Warehouse chicanery in the PM markets? 

Mon, 10/27/2014 - 13:13 | 5382811 disabledvet
disabledvet's picture

Whorehouse chicanery more likely.

This is a suicide mission.  Silver is one thing but there is billions of tons of copper in Argentina alone.

Refining the ore is expensive...so this price action will get those ships moving that's fer sure.

One meteor that landed a billion years ago sitting on the ocean floor is enough to crash the price however.  Trade this move at your own risk.

Mon, 10/27/2014 - 13:08 | 5382770 starman
starman's picture

Energizer bunny?

Mon, 10/27/2014 - 13:07 | 5382772 gatorengineer
gatorengineer's picture

Did he really say Red Kike Group?

Mon, 10/27/2014 - 13:12 | 5382802 Notsobadwlad
Notsobadwlad's picture

Yup that was an obvious one ...

A "kite" is a type of shield ... so Red Shield is Rothschild... or maybe they just want us to believe that.

Mon, 10/27/2014 - 13:49 | 5382968 emersonreturn
emersonreturn's picture

kite is also a bird of prey.

Mon, 10/27/2014 - 13:10 | 5382789 Kaiser Sousa
Kaiser Sousa's picture

there is nothing more exciting than watching the phony paper price of Silver trade in a 2 cent range throughout the day...

Mon, 10/27/2014 - 13:11 | 5382798 SheepDog-One
SheepDog-One's picture

Almost as fun as watching the zombie indexes get slowly pumped to green!
Almost......got it.....just.....a bit......more....

Mon, 10/27/2014 - 13:10 | 5382790 SheepDog-One
SheepDog-One's picture

OK so how long till 'the warehouse' is discovered to be empty?

Mon, 10/27/2014 - 14:03 | 5382907 agstacks
agstacks's picture

...and the price crashing to zero along with it. 

CNBC: It's easy to see what happened here.  There is no copper left, so the price must meet with supply.  No supply means a price of zero.

Mon, 10/27/2014 - 13:11 | 5382792 NYPoke
NYPoke's picture

Only word that comes to mind: China.

 

Was glad to see the name Bunker Hunt above though.

Mon, 10/27/2014 - 13:16 | 5382828 disabledvet
disabledvet's picture

Fifty bucks an ounce AND interest rates at double digits!

Those were the days!

Mon, 10/27/2014 - 13:20 | 5382850 kchrisc
kchrisc's picture

"Only word that comes to mind: China."

My money is on the Rothschild banksters.

An American, not US subject.

 

But then I used to think that the Fonz was cool.

Mon, 10/27/2014 - 13:11 | 5382796 i_call_you_my_base
i_call_you_my_base's picture

Demand delivery in full.

Mon, 10/27/2014 - 13:13 | 5382809 yogibear
yogibear's picture

That woild roil the paper markets. Probably 100:1 paper.  Same with gold and silver.

 

Mon, 10/27/2014 - 13:19 | 5382845 disabledvet
disabledvet's picture

Sure no problem. 

This is a thousand foot long ore ship where do you want it?

Mon, 10/27/2014 - 13:18 | 5382806 ekm1
ekm1's picture

Rehypotheticated for repo market and interest rate swaps.

Same with oil and anything else.

 

For oil $80 wti seems to be the margin call threshhold. Strongly defended, until sacrificial lambs run out of customer's money

 

 

TRIPLE LEHMAN

Mon, 10/27/2014 - 13:18 | 5382847 X.inf.capt
X.inf.capt's picture

greetings, ekm1..

speaking of commodities

question....with the coming storm...what 3 commoditie would you have on hand for barter to survive and prosper with...

thank you...

Mon, 10/27/2014 - 13:22 | 5382858 ekm1
ekm1's picture

The storm will be only for insolvent elite.

It depends on how much money you are trying to protect.

 

For us sheeple, there won't be any difference.

Paper cash is first choice

Mon, 10/27/2014 - 13:27 | 5382885 disabledvet
disabledvet's picture

Silver.

Anti bacterial.

Also cotton.

No way am I trading beef.  Holsteins and milk have gotten crushed because of these debt clowns.

Mon, 10/27/2014 - 17:41 | 5383853 himaroid
himaroid's picture

Whiskey and weed.

Mon, 10/27/2014 - 13:20 | 5382856 disabledvet
disabledvet's picture

Yo mamma's basement?

Must be a big basement!

Mon, 10/27/2014 - 13:13 | 5382812 wrs1
wrs1's picture

So can we count on Dr. Copper to say anything about th economy then?  Probably not and with this revelation, one has to assume the same sort of crap is going on with oil too but the reverse there.  The surplus has been dumped in that case but not here.  This is strange because I kept reading posts on this very site that claimed the Chinese would be deleveraging copper as the commodity finance game blew up.................

Mon, 10/27/2014 - 13:24 | 5382866 disabledvet
disabledvet's picture

So go ahead and buy bitch.

Goddamn right! Take delivery too!

That'll be 25'000 DOLARES a DAY while we're waiting...

Mon, 10/27/2014 - 13:15 | 5382815 RaceToTheBottom
RaceToTheBottom's picture

Damn that Son of a Hunt!

Mon, 10/27/2014 - 13:19 | 5382840 ajax
ajax's picture

 

 

Do those two idiots a favour and just cut their dicks off now.

Mon, 10/27/2014 - 13:19 | 5382852 joego1
joego1's picture

Cunt Brothers

Mon, 10/27/2014 - 13:15 | 5382819 taketheredpill
taketheredpill's picture

 

 

SQUID

Mon, 10/27/2014 - 13:14 | 5382822 ...out of space
...out of space's picture

didnt china buy  LME?!. and what about all that china deal with cooper as a colederal for credit? 

Mon, 10/27/2014 - 13:18 | 5382842 NoWayJose
NoWayJose's picture

Get yer paper copper, step right up, get yer paper copper...

Mon, 10/27/2014 - 13:28 | 5382875 Cacete de Ouro
Cacete de Ouro's picture

The Red Kite Group ("RK") was founded in 2004 and is one of the world's largest metal-oriented investment groups.

RK has a significant presence in the physicals market as a global merchant. RK purchases, finances, insures, transports, processes and sells a mine's output to end customers.

The Group has a worldwide presence, with offices in Hamilton, Hong Kong, London, New York, Shanghai and Sydney.

http://www.rkminefinance.com/

Then there is RKC...

RK Capital Management LLP (“RKC”), a limited liability partnership organised in England and Wales and authorised and regulated by the UK Financial Conduct Authority (“FCA”)(FCA number 409049).

Mon, 10/27/2014 - 13:26 | 5382880 bluskyes
bluskyes's picture

The ghost of Bunker Hunt has come to haunt the markets.

Mon, 10/27/2014 - 13:28 | 5382881 kevinearick
kevinearick's picture

Squatters Technology:   Seeds Among Thorns

The US Constitution promises to respect the pursuit of life, liberty and happiness, by providing a bait and swap Bill of Rights, as a moving target defined by the State, arbitrary bundles of empire citizenship rights to the extent you pursue property encapsulation and exclusion, to feed the mortgage ponzi.

That’s what the Ohio Co of Cutthroat Associates built on the ground, while Hamilton and Jefferson struck the latest new deal, penned by Madison. The critters, including Benjamin Franklin, were already making designs to appropriate and sell natural resources all the way to the Pacific, from London, to pay empire debt in Europe, before the Boston Tea Party and Indian revolts.

Peer pressure has always been about controlling the means of production to the end of extortion, new world always the same as the old, mortgage queens always in need of a scapegoat. America was just another passive aggressive science project in human farming, where ‘every man trys to ruen his neighbor’ in ‘a swill bucket for speculators.

George Washington squatted on 50,000 acres across 6 states, and otherwise was a lousy general with a good engineer, who was also a speculator, serving as a middleman for a King with mouths to feed and nothing but promises in the Bank. Greed just got away from them, because natural resources were so abundant in North America, and pretty soon ‘everyone’ wanted to be King, of his own property, to maximize rent, trading one tyrant for many.

Hamilton employed the process to print money, and Jefferson’s habits merely served to neutralize the opposition. Greed works, to collect and consume the participants, from depravity and insecurity. The empire world is always going to hell in a hand basket, but that doesn’t mean that you have to follow.

If you free-feed critters into domestication, they get fat and stop having children as natural resources decline. The easiest way to recognize an event horizon is the possessions it covets. Run a dc circuit in a closed container swapping O2 out and CO2 in under heat. Smartphones are ironic on many different levels.

Squatters warring with squatters, over artificial scarcity, is the ever-present noise of empire gravity locking the majority into the past. Gearing humanity to arbitrary gravity produces fascism, a self-regulating, possession-centric democracy, fitted into shrinking boxes, increasingly isolated from nature. Congratulations, they did it to themselves again.

“When we have land to labor then, let us never wish to see our citizens occupied at a workbench, or twirling a distaff.”

Debasing a currency for profit, with demographic arbitrage, is the well-worn path of passive-aggressive history. California’s gold rush became the Internet rush, leverage upon leverage, choking itself, as an example followed by the rest of empire, chasing its own tail, same as always.

Isms are reactions to isms, netting roughly 180 degrees dead wrong, at some speed, and the status quo buffer of no change is their best possible outcome. No matter which ism you choose, it will be buffered, to grow the buffer. Contract civil law marriage is about doing as little as possible, for as long as possible, at the greatest possible short-term profit.

The squatters squat arbitrarily, upon the assumption of scientific certainty, an oxymoron, and the result, a politically manufactured majority, wakes up far too late, with money yoked to real estate inflation. The critters can’t pass go because the meter-second of that pendulum is relative, to gravity in the return line.

Public education destroys the currency for the sake of maintaining the mythology that wealth is a function of controlling and redistributing natural resources, across artificial borders set up as toll booths, exporting natural resources out of the community and stupidity back, with conservation easements, eliminating natural employment. If you confront its superstition, it can only lock up, attempting in vain to confirm itself, until you unlock it.

If you want to allow juveniles in a Bay Area bar to zone you into extortion, that’s your business, but labor has better things to do than entertain a compromise among squatters, in a get-them-before-they-get-you world of artificial scarcity, bred by public education, security in a shopping mall survey.

The empire gears its world to favor stupidity, by exploiting labor for the purpose, and can’t find labor when it needs it, surprise. Labor doesn’t work for Queen and Country, to throw its children into the vacuum of stupidity without skills.

Squatter technology, money and war, what passes for public education, are juvenile derivatives of depravity, supply-side demographic arbitrage. Building technology on the fly to create economic mobility requires talent, which is ruled out by empire, in its Squatters Ponzi.

Old men with plenty of resources denying young men jobs, to curry favor with the Queen, and young men wasting their time revolting, is pretty D stupid, but that’s what is holding up the sh-show, which is neither here nor there to labor. Spending more than 25 hrs/wk playing monopoly with juveniles makes no economic sense. It’s not a negotiation.

Gravity has its uses, but not at any price. Insurance hedging simply hides cost, dead inventory, until it can’t. The central bankers have no exit, unless you give them one.

Mon, 10/27/2014 - 13:34 | 5382912 Uchtdorf
Uchtdorf's picture

You're on a slippery slope there, denigrating some great minds who gave us the liberty we've squandered away in the past 100 years or so.

Mon, 10/27/2014 - 14:13 | 5383039 FeralSerf
FeralSerf's picture

Most of that historical record has already been edited out where it conflicts with what TPTB wish Americans to think. An modest example of that slippery slope that has already been purged from the record:

Benjamin Franklin 1789.
Statement in the Convention, concerning Jewish Immigration:

"There is a great danger for the United States of America, this great danger is the Jew. Gentlemen, in every land which the Jews have settled, they have depressed the normal level and lowered the degree of commercial honesty.

They have remained apart and unassimilated — they have created a state within a state, and when they are opposed they attempt to strangle the nation financially as in the case of Portugal and Spain.

For more than 1700 years, they have lamented their sorrowful fate — namely, that they were driven out of their motherland, but gentlemen, if the civilized world today should give them back Palestine and their property, they would immediately find pressing reasons for not returning there. Why? Because they are vampires — they cannot live among themselves; they must live among Christians and others who do not belong to their race.

If they are not excluded from the United States by the Constitution, within less than 100 years, they will stream into this country in such numbers they will rule and destroy us and change our form of Government for which we Americans shed our blood and sacrificed life, property and personal freedom.

If the Jews are not excluded, within 200 years our children will be working in the fields to feed the Jews while they remain in the Counting House gleefully rubbing their hands.

I warn you, gentlemen, if you do not exclude the Jews forever, your children's children will curse you in your graves.

Their ideas are not those of Americans even when they have lived among us for ten generations. The leopard cannot change its spots. The Jews are a danger to this land and if they are allowed to enter they will imperil our institutions — they should be excluded by the Constitution."

http://www.sweetliberty.org/issues/wars/nameless/18.shtml

Mon, 10/27/2014 - 14:35 | 5383177 linniepar
linniepar's picture

Rothschil, red shield,  red kite... cant make this shit up.

Mon, 10/27/2014 - 13:27 | 5382882 The Phallic Crusader
The Phallic Crusader's picture

Red Kite Group looks to be an obvious front - who wants to bet for Goldman's Sacks?

Mon, 10/27/2014 - 13:30 | 5382891 buzzsaw99
buzzsaw99's picture

probably accidently cornered it trying to set a floor on the price

Mon, 10/27/2014 - 14:07 | 5383031 disabledvet
disabledvet's picture

Thats possible.  Again..."here comes delivery."  Make a lot of pots and pans I imagine.  Long Swedish Chef's!

Mon, 10/27/2014 - 14:18 | 5383101 bbq on whitehou...
bbq on whitehouse lawn's picture

Yes, so what are they going to do now? They cant sell (derivitives). So now they are caught. We might just see if there are any central banks behind this.
Whats in your wallet? Red kite.

Mon, 10/27/2014 - 14:41 | 5383200 oddjob
oddjob's picture

more like Gartman went short of copper.

Mon, 10/27/2014 - 13:30 | 5382892 agstacks
agstacks's picture

As a silver investor, I fail to understand how limited supply factors in to the price here.

 

\s

Mon, 10/27/2014 - 13:30 | 5382896 JenkinsLane
JenkinsLane's picture

They didn't make that.

Mon, 10/27/2014 - 13:32 | 5382903 FieldingMellish
FieldingMellish's picture

Anyone still believe ANYTHING Goldman says? Anyone?

Mon, 10/27/2014 - 13:32 | 5382904 10mm
10mm's picture

Will ammo prices rise?

Mon, 10/27/2014 - 13:45 | 5382950 Redhotfill
Redhotfill's picture

Yes ammo will rise ... copper is the best guilding metal and such is needed for velocities over 1250 FPS unless you want seriously fouled barrels with lead...

Mon, 10/27/2014 - 13:37 | 5382925 jmcadg
jmcadg's picture

I'll stake a wedge that there is a connection here with Goldman, if only in insider trading BULLSHIT.

Muppets slayed again.

Mon, 10/27/2014 - 13:37 | 5382926 Catullus
Catullus's picture

This would be one of those times you raise margin requirements.

Mon, 10/27/2014 - 13:51 | 5382971 1stepcloser
1stepcloser's picture

time to go pre-82 penny mining

Mon, 10/27/2014 - 14:10 | 5383046 Billy Sol Estes
Billy Sol Estes's picture

Start draining the fountains at shopping malls. I hear there is a gold mine there.

Mon, 10/27/2014 - 14:40 | 5383198 1stepcloser
1stepcloser's picture

I'm going to need much higher prices, before I begin this phase of my operation

Mon, 10/27/2014 - 15:42 | 5383483 Bankster Kibble
Bankster Kibble's picture

Been doing that.  But I didn't think that would have such an impact on the market.  Tsk tsk, my bad.

Mon, 10/27/2014 - 13:54 | 5382977 Billy Sol Estes
Billy Sol Estes's picture

About as trustworthy a source as my wife's gynecologist, Dr. Coppa Feel.

Mon, 10/27/2014 - 14:18 | 5383092 orangegeek
orangegeek's picture

Mysterious London Buyer - LMFAO.  It's just yellen fucking around as usual.

 

yellen spews on Wednesday at 2p - drive USD down, pump major commodities and push US indexes higher

Mon, 10/27/2014 - 14:23 | 5383118 fightapathy
fightapathy's picture

Looks like the work of that evil genius, Cupric Copperass. Where's 007? Still trying to shag that Pussy Galore bitch after 50 years??

Mon, 10/27/2014 - 14:25 | 5383133 Jack Sheet
Jack Sheet's picture

Article purports to be cognisant of the supply - demand situation for a commodity, information that only the 0.01% who are manipulating have. Don't bet any real money on the proposed outcomes.

Mon, 10/27/2014 - 14:27 | 5383141 russwinter
russwinter's picture

Extremely smart move from Red Kite. I don't think they lose on this.

A run on silver would be even smarter. If I had a billion I would do it in a heartbeat, just bring in the trucks and take delivery. 

Natural gas looks prime for this type of raid as well. 

http://winteractionables.com/?p=15956

 

Mon, 10/27/2014 - 14:32 | 5383172 mattgallis
mattgallis's picture

Is that a chart of a .04cent move in Copper?

Isn't a 4-handle move 40 cents?  

Mon, 10/27/2014 - 14:48 | 5383233 All Out Of Bubblegum
All Out Of Bubblegum's picture

Does anyone think that much has changed in the past 100 years?

BIG TRUST CONTROLS THE WORLD'S COPPER(1901):

http://cdnc.ucr.edu/cgi-bin/cdnc?a=d&d=LAH19010412.2.36

Mon, 10/27/2014 - 14:50 | 5383234 teslaberry
teslaberry's picture

at 4km/second a moscow nuclear icbm would get 2500 km away to hit london in 6500 seconds plus launch and climb time. 

 

that's no more than 15 minutes. why don't moscow and london just nuke each other??? then the rest of the world can just skip world war 3 and we can all just move on to global government as a deal between the imf and shcc.  if you use nukes in kalingrad, it's less than 10 minutes away from london.

 

each side, takes a hit---moscow and london both evaporated------as a sacraficial token to the unpleasantries of comprise that will necessarily result from ww3, and then we just take a ride to go and collect 200 dollars while skipping the resl ww3. 

 

edit; if there are nukes in kaliningrad that's only 1750 miles to londong

 

think about it. just 15 minutes work and a boom boom and we can skip all this blustering and pretend war.

Mon, 10/27/2014 - 16:33 | 5383619 TweedleDeeDooDah
TweedleDeeDooDah's picture

Vaporize London and Moscow???... in the same year???

We would reminisce for years over the past and fond memories of the sweet smell of old fashioned farts, rather than the stench of the then-poisoned atmosphere.

Mon, 10/27/2014 - 15:09 | 5383342 CHX
CHX's picture

Corner.. surge... from 3.03 to 3.07... ARE U KIDDING ME ?

Mon, 10/27/2014 - 16:06 | 5383551 quasimodo
quasimodo's picture

No shit, I looked at that chart and then was thinking maybe KWN had hijacked the story.

Mon, 10/27/2014 - 15:55 | 5383521 KittyStix
KittyStix's picture

To think some people wondered why I buy copper rounds and bars.

It just adds color to my vault.

Mon, 10/27/2014 - 16:05 | 5383550 robertocarlos
robertocarlos's picture

Bunker Hunt had so much silver he turned blue?

Mon, 10/27/2014 - 16:30 | 5383607 TweedleDeeDooDah
TweedleDeeDooDah's picture

Time to release the US foreclosure/demo stockpiles and eastern european scavenger "reserves".

Mon, 10/27/2014 - 16:34 | 5383625 Davos
Davos's picture

Takes a lot of copper to wrap up the elites bunkers, but is the only thig that can offer enough protection against what coming.

The vatican bunker is wrapped in gold, but they have been lied to.

Only copper can save you

Mon, 10/27/2014 - 16:54 | 5383679 observiate
observiate's picture

i really despise the phrase "snap up".  I understand why it is used.  Maybe it's just me, but I perceive it to be the most overused term by anyone in the financial arena.  seems like every day i read the WSJ and other financial news things I seem to come across the term 10 or or more times.  just a pet peeve i guess...

Mon, 10/27/2014 - 17:42 | 5383857 himaroid
himaroid's picture

the fed bought it to avoid deflation

Mon, 10/27/2014 - 20:01 | 5384270 El Hosel
El Hosel's picture

Here Here Hemaroid,  +1

Mon, 10/27/2014 - 18:52 | 5384095 AdvancingTime
AdvancingTime's picture

I'm short a couple contracts of copper and I say bring it on. copper is up but not really 'surging." With all that is happening in the world and the RSI on copper at the level it is I would rather be shot than long. The biggest problem a short currently faces is getting a good price to roll into contracts further on out.

 

Mon, 10/27/2014 - 19:59 | 5384266 El Hosel
El Hosel's picture

You might get shot by Quince Edward IV, if you are short too long.

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