(Reuters) - London-based hedge fund Red Kite Group currently holds more than half of London Metal Exchange copper inventories, the Wall Street journal reported, citing LME traders and brokers.
LME data shows that there is a dominant holder of the LME’s copper stocks, accounting for between 50-80 percent of total metal holdings. That would be worth around $534-$854 million based on prices of $6,675 per tonne.
Total LME copper stocks are currently at 159,550 tonnes.
The WSJ cited comments from eight traders and brokers working for different firms active on the LME who said they believe Red Kite Group was the one buying.
Reporting by Melanie Burton; Editing by Himani Sarkar