You haven't a clue as to what your talking about...nor do you understand the function of the futures market as it relates to producers, shippers, and refiners...
I suppose you would prefer a closed market or to leave the participants naked to risk?
I suppose aluminum futures markets are also manipulated?
Either/Or fallacy
Markets have been historically manipulated in free market economies by speculators. Please note some of these manipulations resulted in Market corrections (aka CRASH/DEPRESSION):
Tulips (that was a classic scam from another century)
Silver (classic speculation in the 1800s during laissez faire economy)
Austrian Banks (1920s)
Oil (late 70s early 80s)
Silver at $50
Gold at $500
S&Ls
Japanese real estate
British Pound (That was a Soros special)
Pacific Rim
Dot coms (IPOs for nothing but geeks with bad business plans)
Steel (Once China completed Three Gorges the world found out prices were overvalued and the prices dropped like a steel ...)
Gold (I think the whole thing from the 1970s is happening again)
Oil today
Google (no one ever learned from the Dot Com crash)
Once agian no facts...
Can you please point to a single case where speculators in commodity markets have manipulated the market...
Further...exclude all instances that occurred before the Internet and the mass participation of individual speculators buying and selling at the speed of light?
The dot com bubble was not market manipulation by speculators...it was as Greenspan stated..."IRRATIONAL Exuberance"...
The China Steel incident again...was not market manipulation by speculators...it was covert actions of a nation state...
Gold too huh? Then I guess copper, silver, palladium, uranium, lead and aluminum are also being manipulated?
Get a grip...there are now 6 billion people on this planet and billions of them have cell phones and TV's with satellite dishes...they see the same adds on TV you see...they see it, they want it...and the demand for raw materials is going to go through the roof over the next decade...and its not going to be manipulation...its called DEMAND
Oil?...you have no proof that oil speculators are manipulating the market...
Google? give me a break...people have run up googly pining for the market bubble days...Google will be trading at 50 just like all the rest of its big cap tech brethren in due time...
Go short some goggle...and be guilty of market manipulation as you define it...