3billion copper position held by one trader.

A massive long position unwind on Copper, can you say Copper flash crash + huge losses = Risk currencies (namely AUD/REAL/PESO/CAD) to sell down like lead balloon? = yes.

No short memory on MEC research (re: Copper flash crash Sept 9th 2010 - Shanghai) refer: Market is overpricing risk (update 6) -Copper Price 'flash crash', Deutsche Bank capital raising (i.e writedown's ahead)

from WSJ 22nd Dec 2010

"As commodity prices soar to new records, the ability of a few traders to hold huge swaths of the world's stockpiles is coming under scrutiny.

The latest example is in the copper market, where a single trader has reported it owns 80% to 90% of the copper sitting in London Metal Exchange warehouses, equal to about half of the world's exchange-registered copper stockpile and worth about $3 billion."