Copper purchase "three times the size" needed for ETF

Macquarie deputy head of commodities Max Layton says the recent $1.5bn purchase of copper on the London Metal Exchange has sparked a surge in the price of copper, which hit an all-time high yesterday above $9,021 a tonne. However, Layton says reports that JP Morgan is the dominant holder of copper are based on speculation and that there are "a few more well known physical traders" that appear more likely to have made the $1.5bn trade. He says: "There's no evidence that it's them. One of the things is that position is roughly three times the size that they would need to complete their ...