"A JPMorgan Chase & Co. unit took delivery of almost 1 million metric tons of raw sugar, the most for the commodity since 2009, to settle the expiring March futures contract in New York. JPMorgan Futures accepted delivery on 18,748 sugar contracts, or the equivalent of 952,398 tons, ICE Futures U.S. said yesterday on its website. That represents 9.2 percent of the current year’s U.S. consumption as estimated by the government. Prices climbed to the highest level in almost three weeks in New York trading today."
J. P. Morgan Takes Delivery of Almost 1 Million Tons of Sugar
I said cream, no sugar, Blythe. And use the silver service next time please. Oh sorry, I forgot you have sold it, and several times over.
Seriously, is this one of those trading positions one occasionally has that turns into an investment? Or is JPM just doing the buying for Krispy Kreme, Coca-Cola, et al. It could have been a legitimate hedging outcome as agent. I would hope it is not hoarding in times of shortage, or even worse, to promote food shortages.
Not so with silver I think, where they sell what they do not have, unless some of the miners have lost their minds, and are likely to be lynched by their shareholders.
Gold and silver were spiking higher today, but managed to get pushed down into the close for modest gains. I think they might be coiling for a move through the overhead resistance that is holding them back a little here.
For as low as the VIX remains, these markets seem to be on a knife edge. Seems like only Benny is holding the line, casting his paper upon troubled waters.
Watch for the action on Friday with Non Farm Payrolls and a potentially shaky weekend in the Middle East, and maybe even in the Midwest.
I was wondering if the some of the commentators on Bloomberg TV today snorting some of that JPM sugar for lunch. Certainly enjoying the high life.
I could be wrong, but this summer looks like it might be shaping up for another rough time in the markets.
