Gekko

I DIDN’T think I’d be vindicated quite so soon on my call on the copper market, but there you are. Once again, we see how people can ignore what’s going on right in front of them. Sumitomo’s market manipulation, which Gekko first began to report in July of last year, was known to the major players in the market. Yet they were somehow able to compartmentalize the knowledge and act as if this were a normal market.

Instead, as we now see, it was one where the biggest player was willing to accumulate $2 billion-plus in losses to paint the tape. The story isn’t over, however. Sumitomo supposedly is long as much as 2 million tons of copper, which is about 20 per cent of a year’s world production.

JD

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John Dizard

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I DIDN’T think I’d be vindicated quite so soon on my call on the copper market, but there you are. Once again, we see how people can ignore what’s going on right in front of them. Sumitomo’s market manipulation, which Gekko first began to report in July of last year, was known to the major players in the market. Yet they were somehow able to compartmentalize the knowledge and act as if this were a normal market.

Instead, as we now see, it was one where the biggest player was willing to accumulate $2 billion-plus in losses to paint the tape. The story isn’t over, however. Sumitomo supposedly is long as much as 2 million tons of copper, which is about 20 per cent of a year’s world production.