Comment Text:
California Metal- X, CMX, manufactures copper based alloys for foundries and mills throughout the world. We often times have to hedge our positions to mitigate the risk so apparent in these very volatile markets. It is imperative for the smooth operation of these markets that we are guaranteed the safety of the funds we use to hedge. It is outrageous that the FCMs have the right to use our money in a manner that adds a risk that we are unaware of and do not sanction.
The commodity markets were set up to create stability and eliminate risk. Given the recent happenings it is apparent that systemic changes are required to bring stability and confidence back to the market place.
