Almost 1 million metric tons of raw sugar was delivered to JPMorgan Chase & Co. to settle the expiring futures contract in New York, the most for the commodity since 2009, exchange data show. JPMorgan Futures, a unit of the second-largest U.S. bank by assets, took delivery on 18,748 sugar contracts, or the equivalent of 952,398 tons, ICE Futures U.S. said today in a report on its website. Thatâ€™s 9.2 percent of what the government expects the U.S. to use this year. Prices have rallied 75 percent in the past 11 months.
at least those damn banksters can't suppress nowadays the price of silver with their huge short positions in london
more on this topic from the nyt:
The gist goes something like this: When JPMorgan Chase bought Bear Stearns in March 2008, it inherited Bear Stearnsâ€™ large bet that the price of silver would fall. Over time, it added to that bet, and then the international bank HSBC got into the market heavily on the bear side as well. These actions â€śartificially depressed the price of silver dramatically downward,â€ť according to a class-action lawsuit initiated by a Florida futures trader and filed against both banks in November in federal court in the Southern District of New York.
â€śThe conspiracy and scheme was enormously successful, netting the defendants substantial illegal profitsâ€ť in the billions of dollars between June 2008 and March 2010, according to the suit. The suit claims that JPMorgan and HSBC together â€ścontrolled over 85 percent the commercial net short positionsâ€ť in silvers futures contracts at Comex, a Chicago-based exchange on which silver is traded, along with â€ś25 percent of all open interest short positionsâ€ť and a â€śa market share in excess of 9o percent of all precious metals derivative contracts, excluding gold.â€ť