David Threlkeld, a metals trader who helped blow the whistle on the Sumitomo copper scandal of the 1990s, said yesterday he believes the market is being manipulated again and that the price is on the verge of plunging. The interview was published in The Daily Telegraph.
If his assessment is correct, it explains the odd action in the Copper market after it broke decisively down from its rising wedge. I certainly wouldn’t go short at this level but if copper hits the top of the new channel at around 175, I would be tempted. However, taking any position in a manipulated market is usually bad for your financial health.
