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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: regli who wrote (33783)	6/3/2005 10:28:14 AM
From: ild	Read Replies (1) \| Respond to of 110194

RE: Copper OTOH it may cause forced selling if somebody already has over 500 contracts

To: regli who wrote (33783)	6/3/2005 11:07:48 AM
From: russwinter	Respond to of 110194

New York, N.Y., June 1, 2005 —The New York Mercantile Exchange, Inc., today announced that it will reduce the copper futures spot month position limit to 500 contracts from 1,000 contracts, effective at the close of business on June 10. nymex.com Small wonder, there's only 19,593 MT in inventory there. Finally figured they need to balance the real market with the synthetic one. I think too late. Meanwhile at the LME, what little is left (42,275 MT) is in large measure being taken (warranted): ``People are getting ready to take more copper out of the LME,'' said Tom Boustead, an analyst at Refco LLC in New York. London Metal Exchange stocks registered as ``off warrant,'' or about to be delivered out of warehouses, have more than doubled to 12,125 tons, or 28 percent of the total, since May 19. Stocks listed as off warrant aren't available to consumers. In the past. some little "mystery hoard" of 4,000 MT, typically appears and knocks Cu down, six cents. At this stage though, this should be seen for what it is, just more cry wolf manipulation, and maybe for once the cognoscenti will see though it? Then of course Alan Greenspan could address this quiet crisis, and call it "a bubble", or "frothy".You know, talk it down. Then the remaining 60,000 MT (about one day's consumption) on the planet can be sold at $1.45 spot to friends.