Yahoo!Finance/Mark Burton and Jack Farchy (Bloomberg)/3-10-2022
“The LME has been my bread and butter for a very long time, so it’s heartbreaking. Given the current uncertainty, I am exiting all of my LME positions, despite being ragingly bullish on copper.” – Luke Sadrian, Commodities World Capital
USAGOLD note: If traders are blackballing the LME, as this article chronicles, it will have a difficult time regaining its reputation after those 18 fateful minutes of chaos in the nickel market. Too, we do not know at this juncture what problems the “torn up trades” are causing with counterparties up and down the line – i.e., the rollover effect and consequent systemic risks. Given the reaction of traders like Sadrian, there could be considerably more turmoil in base metals markets before all is said and done.
Related: JPMorgan is the biggest counterparty for nickel tycoon’s short bets/Bloomberg/3-11-2022
Image attribution: Kreepin Deth, CC BY 3.0 <https://creativecommons.org/licenses/by/3.0>, via Wikimedia Commons
