China Copper Trader Disappeares Following Heavy Losses
Carl Mortished
Times Online
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London (UK):
Liu Qibing was a familiar figure on the London Metal Exchange, where he was a leading dealer in copper on behalf of the Chinese Government.
In recent months he gambled with his country’s money on copper worth an estimated $800 million (£460 million), apparently selling “short” in the hope that prices would fall. Instead, the price of the metal has soared, reaching a record high of $4,132 a tonne yesterday.
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See Also:
Metal trader 'racks up huge loss'
Mystery over copper bets
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Now Mr Liu has disappeared, causing consternation in the global copper market based in the heart of the City.
Fellow traders at the London exchange’s headquarters, where Mr Liu was well known, were wondering whether they had been dealing with a rogue trader or a phantom dealer.
Last night the SRB told the Reuters news agency that Mr Liu was on leave and that it had no knowledge of his dealing. Mr Liu is reported to have sold “short” between 150,000 and 200,000 tonnes of copper for delivery in December.
Nov 15, 2005
Carl Mortished
Times Online
__________
London (UK):
Liu Qibing was a familiar figure on the London Metal Exchange, where he was a leading dealer in copper on behalf of the Chinese Government.
In recent months he gambled with his country’s money on copper worth an estimated $800 million (£460 million), apparently selling “short” in the hope that prices would fall. Instead, the price of the metal has soared, reaching a record high of $4,132 a tonne yesterday.
______________________
See Also:
Metal trader 'racks up huge loss'
Mystery over copper bets
_______________________
Now Mr Liu has disappeared, causing consternation in the global copper market based in the heart of the City.
Fellow traders at the London exchange’s headquarters, where Mr Liu was well known, were wondering whether they had been dealing with a rogue trader or a phantom dealer.
Last night the SRB told the Reuters news agency that Mr Liu was on leave and that it had no knowledge of his dealing. Mr Liu is reported to have sold “short” between 150,000 and 200,000 tonnes of copper for delivery in December.
Nov 15, 2005
