So half of this mystery zinc shipment turned up in New Orleans....

So half of this mystery zinc shipment turned up in New Orleans.

Data from the LME showed a 20,225 tonne change in zinc stocks in LME-registered warehouses, with an inflow of 21,425 tonnes into warehouses in New Orleans.

I heard that there was 40,000t out there. Well half has now turned up and it wasn't accounted for in LME stocks, as I suspected.

I don't think that this will have much of a bearing on prices because they stripped European warehouses almost bare to stick this zinc some place where it can't be used.

It's manipulation by the warehouse owners/zinc contract owners to keep the pressure on prices.

And, yes JP Morgan & Goldman Sachs own those warehouses.

BTW, JP Morgan bought MF Global's 5% share of the LME a few weeks ago - see: JPMorgan has agreed to purchase all of MF Global's shareholding ... in the London Metal Exchange

JP Morgan is now also the largest shareholder of the LME. If you are not buying or selling metals when they do, you will suffer for it.