There is a rumor said that a commodity trader, Liu Qibing representing China's State Reserve Bureau (SBR), went missing recently after he built up massive short positions in London Metal Exchange that traders claimed ranged anywhere between 100,000 and 600,000 tons.
This is second loss of China government in commodity Future Market after the mainland's Singapore-listed China Aviation Oil went under when it was forced to seek court protection from creditors after revealing it had lost 550 mln usd through derivatives trades that turned sour in late 2004.
Chinese authorities however, have rejected reports of any link to a trader who was said to have worked for Beijing but vanished after making wrong bets on copper futures contracts that could potentially cost hundreds of millions of dollars.
Speculator however, keep on buying copper in London Metal Exchange sending the copper price to record high on Monday.
On Monday, London Metal Exchange copper price hit USD4132 after a sharp rise last Friday. Before that, copper price has rise 30% from the beginning of the year.
On Wednesday, copper price continue to rise price rise continuously for fifth consecutive day. It is suprising that non of the mainstream English newspaper in Malaysia report such news. I only see Oriental Daily and Nanyang doing report on such incident
TechnoratiTag:Asia Business Commentary Economics Economy Malaysia Opinion finance Shares Stock Market
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