Single trader holds half of world's copper

The Wall Street Journal recently reported that a single trader, rumored to be J.P. Morgan Chase & Co., holds approximately half of the world's exchange-registered copper stockpile. This single trader's copper holdings are said to be worth about $3 billion.

The WSJ said the price of copper is up 28 percent in 2010. It quoted Barclays Capital as saying that copper demand will outstrip supply this year by about 455,000 metric tons. Of J.P. Morgan, the report said the company "recently had a large position in copper, though it is unclear whether the U.S. bank increased its holdings or whether a new player has taken a dominant position."

As we reported earlier this year, a rise in copper prices is one of several drivers pushing up the price of cable.