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Welcome to Lord Copper

Opinions about lots of things - mostly related to the worlds' metal markets

LME Changes - the Beat Goes On

05 May 2021

And so it goes on. Whether to permanently close or re-open the ring? Or how about changing margining methodology? Likewise, should there be more depth and transparency in inventory reports, coupled with position limits further down the curve?

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Walking over dead bodies

21 April 2021

At the heart of a new book, The World for Sale, is one simple unspoken question. ‘Are all commodity traders crooks?’ As one of the breed myself, it is a question to which I would gladly seek the answer.

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History......

14 April 2021

The recent enthusiasm for revisionist history prompts me to recall the oft-quoted remark which opens J P Hartley’s 1953 novel, “The Go-Between”. The past is a foreign country; they do things differently there.

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Hold the hair shirt

07 April 2021

‘There are classes of men in the world who bear more the same relation to society at large, that the wheels do to a coach: and are just as indispensable’

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Exit, stage left. (But please don't build a monument.)

31 March 2021

‘All the world’s a stage, And all the men and women merely players; They have their exits and entrances, And one man in his time plays many parts..' Careers come and go, and in a single working life many parts are played; employee, manager, owner maybe. Often the departure of others is noted but not always mourned. Exits create space. There are not many obituaries to metal men. Blue plaques are there none.

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The Inflation Genie

24 March 2021

The current monetary supposition based upon the direction of long term bond yields in the US suggests inflation is on its way. This assumes that vaccines do their job and that reopening trade remains viable. Pent up demand is a buzz phrase, suggesting that cash on the sidelines is ready to pounce as consumers emerge from lockdowns ready to spend their savings from all of the free government handouts.

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Option Master

17 March 2021

It may be a surprise to some of the current generation of LME traders, but it’s not that long ago - well, a generation, I guess - that the LME options market was probably best described as somewhat chaotic.

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