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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply