JPMorgan revealed as mystery £1bn copper buyer

Investment banking giant JPMorgan has been revealed as the £1bn mystery acquirer of more than 50% of the copper on the London Metal Exchange.

The bank's purchase pushed up the price for immediate delivery of copper to $8,700, its highest level since the financial crisis in 2008, the Telegraph reports. The trade was described in the LME's daily update as "between 50% and 80%" of the 350,000 tonnes in reserves. Trader rumor suggests JP Morgan was the most likely buyer, especially considering the imminent launch of a physically-backed ETF in copper. Metal traders have recently written to the FSA arguing licensing the funds - likely to be launched by BlackRock, Goldman Sachs and Deutsche Bank - could amount to "approving the ne...