qass
加入时间: 2005/12/29
文章: 132
经验值: 0
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作者：qass 在 罕见奇谈 发贴, 来自 http://www.hjclub.org
qass' own note: 200K tons copper short position x ~3K USD loss per ton = 600,000,000 USD, or 5,000,000,000 RMB!!!
http://www.forbes.com/markets/feeds/afx/2006/05/07/afx2726955.html
China State Reserve Bureau closes out remaining copper short positions -report
05.07.2006, 11:29 PM
BEIJING (AFX) - China's State Reserve Bureau is believed to have closed out the remainder of its short positions on copper in the last few weeks, contributing to sharp rises in the base metal's price, the Financial Times said.
The UK newspaper quoted market participants as saying that the bureau was one of several key investors with large short positions capitulating and covering their positions in recent weeks.
It noted that the price of copper has risen by more than 75 pct this year, jumping 36 pct since the start of April and hitting a record 7,780 usd a ton on the London Metal Exchange on Friday.
The State Reserve Bureau had reportedly been forced into the loss-making position after a former trader took unauthorized major short bets in the belief prices would fall.
China, which says it has 1.3 mln tons of copper stockpiled, has been attempting to force down prices since then in an effort to avoid losses on the contracts.
But reports that it planned to exit of half of its large short copper position last autumn drove prices upwards.
Estimates vary on how much Beijing owed, but dealers generally believe that the trading arm of the State Reserve Bureau was squeezed on positions totalling nearly 200,000 tons of copper.
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Bears seek cover as copper's rise extends
By Stephen Schurr in New York and Kevin Morrison in London
Published: May 7 2006 22:01 | Last updated: May 7 2006 22:01
The sharp rise in the price of copper over the past five weeks has been driven in part by the unwinding of bearish bets made by large investors - among them, China's State Reserve Bureau and Ospraie Management, a US hedge fund, according to market participants.
The base metal has climbed more than 75 per cent this year, rising 36 per cent since the start of April and hitting a record $7,780 a tonne on the London Metal Exchange on Friday. The past few weeks have seen several investors with large short positions capitulate and cover their positions.
作者：qass 在 罕见奇谈 发贴, 来自 http://www.hjclub.org |
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有关六个月前中国期货交易员刘其兵伦敦失踪的后续报道
