An update on Liu Qibing

The story of the missing Chinese copper-trader from earlier this week continues to heat up:

Liu Qibing, a senior trader working for an entity of China's State Reserves Bureau, hasn't been heard from for a few weeks, since rumors surfaced of a large short position held by his employer in London copper markets.

The position, rumored to be between 150,000 and 200,000 tons, was taken as a bet that copper would fall -- just as the industrial metal continued to hit new peaks.

"We all really just want to go up there and pay them a visit, to find out what is really going on," said a Shanghai-based copper trader with a Hong Kong metals trading firm.

"Right now, if the copper market is like a highway, there's a student driver out there driving a tank, and everyone else just wants to get out of the way."

The big-question is whether the SRB will cover the short, which is rumored to be almost half of the nation's Copper-reserves.

If this were a trader at any private-bank, it would almost certainly go broke, but seeing as it's the State Reserves Bank, things are a little different.  We'll keep an eye on this story and update it as news breaks.

Comments

[Jack O. Ludwick]

The Chinese will renege on their short position and blame on Qibing Liu. What world. You will find that the Chinese cannot be trusted, there are, after all,a communist country with no morals just like J. Stalin who murdered over 6 million Ukrainians by starvation and murdered all the clergy, intellectuals, professors, teachers in order to promote an athiest state. China is not much different and they will renege or it will cost them half their stockpile of copper which is substantial

[Jack O. Ludwick]

The Chinese will renege on their short position and blame on Qibing Liu. What a world. You will find that the Chinese cannot be trusted, they are, after all,a communist country with no morals just like J. Stalin who murdered over 6 million Ukrainians by starvation and murdered all the clergy, intellectuals, professors, teachers in order to promote an athiest state. China is not much different and they will renege or it will cost them half their stockpile of copper which is substantial. They will not give it up.

[ct1967]

Be careful, just heard about that the chinese state council might issue an order to direct most of the chinese domestic industries to suspend the import or even sell copper during the december delivery week, as an intention to counter the international speculation capital which "have driven the copper price to an distorted level".

Who knows what kind of things could happen with a communist country... Lure the longs out and kill them at the top.

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I think that China is not much different and they will renege or it will cost them half their stockpile of copper which is substantial

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