Chinese coal miner piles on bullish copper bets

Beijing

A PRIVATE coal mining industry investor in Shanxi province is the main actor behind a dramatic increase in bullish bets in Chinese copper futures, a person familiar with the matter said, driving a futures brokerage to a nearly US$3 billion position that has fuelled a surge in prices to 41/2-year highs.

The position has been built up over the past year through futures broker Gelin Dahua Futures Co Ltd, the person said, declining to be identified because he was not authorised to talk to media. Gelin Dahua is headquartered in Beijing and owned by Shanxi Securities Co.