Home>News Center>China
       
 

Copper trader racks up loss on massive short position
By Fu Jing (China Daily)
Updated: 2005-11-17 05:56

A Chinese copper futures trader has racked up a loss of several million dollars for building up a massive short position on copper, but officials denied his ties with the government, sources said yesterday.

"As far as I know, the loss was a result of his personal actions, instead of the government," an official with the Reserve Bureau told China Daily.

In the futures trade market, a short position happens when a trader borrows a commodity to sell it, believing the price will drop and therefore can buy it back later at a lower price.

The official said the copper trader Liu Qibing was the former import division chief of the National Control Centre for the Reserve Bureau, a company-like trade organization affiliated to the National Development and Reform Commission (NDRC).

"A foreign media report that Liu is working with our bureau is fabricated," said the official, whose bureau is in charge of the country's strategic commodity reserves, which is a governmental organ under NDRC.

The centre and Liu's division could not be reached for comment on the loss, caused by a short position of between 100,000 and 200,000 tons of copper, which would have to be delivered to the London Metal Exchange (LME) warehouses by December 21.

Initial investigation found that Liu alone should be blamed for the loss, said the official. Liu is reportedly "on leave" after building up a massive short position even as copper prices hit new record highs.

The official said the commission has been involved with the investigation, which his bureau and the centre took part in.

The Financial Times reported that copper prices reached record highs on Tuesday as the LME tried to calm speculation that China may be forced to buy large quantities of the metal in order to cover a short position.

The benchmark price for three-month LME copper hit US$4,175 per ton, up US$49 from the previous close. The metal's price has now risen by more than US$600 since the middle of September.

The Financial Times quoted the LME as saying: "We are charged with running an orderly market and we are satisfied that the market is running in an orderly and appropriate manner."

China is planning to auction off 20,000 tons of copper to demonstrate that it has some of the metal. The government also said last week that it had 1.3 million tons of copper, and it has taken measures to curb rising copper prices.

(China Daily 11/17/2005 page2)



Hu in Seoul for visit
China Fashion Week
China's tallest building starts construction in Shanghai
  Today's Top News     Top China News
 

China confirms its first human bird-flu cases

 

   
 

ROK grants China market-economy status

 

   
 

Don't hinder official's trip, Taipei told

 

   
 

Bush: US supports 'one-China' policy

 

   
 

Traders face fines for alcohol sales to minors

 

   
 

US senate delays vote on China currency bill

 

   
  Vaccine team prepared if virus mutates
   
  Law firm in trouble for illegal acts
   
  Artist's widow submits proposal on estate division
   
  Shanghai chosen as host of Special Olympics
   
  First phase of joint marine survey complete
   
  Copper trader racks up loss on massive short position
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Manufacturers, Exporters, Wholesalers - Global trade starts here.
Advertisement
         
主站蜘蛛池模板: 成人中文精品3d动漫在线| 男人都懂的网址在线看片| 国产精品久久久久久久久久免费 | 国产亚洲美女精品久久久久| 夜夜爽免费视频| 欧美精品在欧美一区二区| 午夜精品久久久久久久无码| 韩国三级hd中文字幕| 国产福利午夜波多野结衣| 91天堂素人精品系列全集亚洲| 天堂资源wwww在线看| 一根巨茎走天下小说| 我把小yi子cao了小说| 亚洲欧美日韩精品久久奇米色影视| 香港三级欧美国产精品| 大香伊蕉日本一区二区| 久久综合久久精品| 欧美在线视频导航| 亚洲精品一区二区三区四区乱码| 男女作爱免费网站| 大香网伊人久久综合网2020| 把胡萝卜立着自己坐上去| 性欧美大战久久久久久久| 大色皇大久久大久久| 国产精品亚洲一区在线播放| 国产乱码精品一区二区三区四川人| 手机1024看片| 日本h无羞动漫在线观看网站| 日本特黄特色免费大片| 又爽又黄又无遮挡的视频| 香蕉国产人午夜视频在线| 国产精品99久久免费| 2022久久国产精品免费热麻豆 | 国产剧情av麻豆香蕉精品| A级毛片成人网站免费看| 成人午夜视频在线播放| 亚洲V欧美V国产V在线观看| 欧美成年黄网站色视频| 又爽又黄又无遮挡的视频| 视频一区视频二区制服丝袜| 日本人成18在线播放|