A hedge fund run by a prominent Conservative donor is believed to control more than 80 per cent of the copper in London Metal Exchange warehouses.
Information at the LME, the world’s largest exchange for metals and whose prices are used as benchmarks in contracts around the world, showed that on Tuesday and Wednesday last week a single owner held between 80 and 90 per cent of the copper in stock in its system.
Red Kite Group, a hedge fund led by Michael Farmer, has been identified by brokers and traders as the dominant holder of copper, according to The Wall Street Journal. Red Kite declined to comment. Mr Farmer, whose trading acumen has earned him the moniker Mr Copper, made a bullish case