JPMorgan - Commodity King or Conspiracy theory

JP Morgan is having to deny that it has amassed 90% of copper stock warrants, following up on yesterday's denial of its silver position and the changes in its silver position.  Ultimately, it seems to be a search for the grand conspirator within the commodities markets.  I have a hard time believing that JPMorgan (read Jamie Dimon) is going to allow a significant net risk position in these two metals.

(Reuters) U.S. investment bank JPMorgan said it does not hold more than 90 percent of copper stock warrants in London Metal Exchange warehouses, but declined on Tuesday to comment on whether it had a smaller position.

A single holder, recently controlling 50-80 percent of copper stocks and cash contracts in London Metal Exchange warehouses, appears to have raised the position to above 90 percent, latest data from the world's biggest metals market showed.

A spokesman for JPMorgan, asked by Reuters to comment on the market talk, said the company did not hold more than 90 percent but declined to comment further. 

Reuters full article here:  Reuters JPM Copper

And yesterday's FT article:

JPMorgan has quietly reduced a large position in the US silver futures market which had been at the centre of a controversy about its impact on global prices for the precious metal.

The decision by JPMorgan was an attempt to deflect public criticism of the bank’s dealings in silver, a person familiar with the matter said. The person added that the bank’s position in silver would from now on be “materially smaller” than in the past.

However, JPMorgan said in a statement: “It is absolutely incorrect to say or imply that the Nymex, CFTC or any other exchange or regulator has instructed or asked us to reduce our position.” The bank declined to comment on whether it had reduced its position in the silver market.

Full FT article here: FT JPM Silver