The Rebirth of the Financial Hegemon

London copper is also called copper.

The earliest copper futures trading began in 1877, and there were two types of copper traded.

Yin grade copper: A grade copper.

It is also known as No. 1 copper in China.

Copper rod: The specification standard is grade A copper with a weight between 110-125 kg.

Among them, the trading of cathode grade copper is the most active.

All copper delivered must have a Grade A copper grade approved by the London Stock Exchange and comply with the British BS6017-1981 standard classification specifications.

The contract rules for grade A electrolytic copper are:

Contract quantity unit 25 tons

Quote, USD/ton

The lowest price fluctuation range is US$0.5/ton.

The delivery date is any trading day within three months.

It is different from the futures market that has just launched in China.

Contracts on the London Exchange have a more speculative nature and do not have any price limits.

In other words, in theory, the contract on the London Exchange can fall by a maximum of 99.9%, and the rise can reach unlimited.

In terms of time, it is also very different from the domestic handicap.

The trading hours of the London Stock Exchange are from nine o'clock at night to three o'clock in the morning.

But due to time differences, conditions on the London exchange are very quiet during Asian daytime business hours.

Trading on the London Exchange is active only during the Asian evening hours.

If we look at it from the perspective of the development of the human era.

The non-renewable nature of resources means that the price of copper, the first non-ferrous resource, will only increase rather than decrease.

As a bitch.

Zhao Jiangchuan naturally knew that copper would rise to an incredible price in the future.

However, the highly speculative nature of futures determines that it is impossible to calculate the future price of copper based on time.

If the futures price is wiped out before the price rises, no matter how high the price is in the future, it will have no meaning to those who originally held the position.

The K-line chart is displayed on the computer screen.

In recent months, the price of London copper has fluctuated back and forth around 2,700 points.

The long and short sides have been engaged in a months-long battle here.

Various indicator systems are close to failure.

Indicators that are completely parallel have no meaning.

From a technical point of view, the previous high of London Copper was 3,300 points. When it rose a year ago, it once conducted a long-term consolidation near 2,700 points.

Therefore, the defensive measures and defensive positions of short sellers are the reversal support formed by 2700 points in the early stage.

It's a bit similar to siege warfare.

In the early rise, the long-term consolidation at 2700 points meant that both the long and short parties invested a lot of force here.

But later, the price of Lun Copper rose to 3,300 points, which meant that the 2,700-point city occupied by the short sellers was captured by the bull sellers.

Whether it is a war or a duel between bulls and bears in the market.

To capture any key city, a high price must be paid.

At 2,700 points, the bulls invested a lot of money when they attacked here.

Now, being beaten all the way down by the bears, the bulls can only hold on to this position desperately.

Psychologically and technically, it creates an invisible defensive position.

However, judging from the current technical situation, London has a trend of high in the middle and low on both sides.

As a classic case, it has a very interesting name.

Head and shoulders.

If the subsequent bulls cannot push this reverse head-and-shoulders top back into a W shape, they will definitely turn downward.

From a desperate point of view, Zhao Jiangchuan is very clear about the consequences of Sumitomo being attacked by international capital this time.

However, this is not an absolute basis for him to establish a position.

Zhao Jiangchuan started as a small retail investor back then and knew very well the importance of calculating the entry position.

Investment, speculation, gambling.

When behavior is out of control, speculation will turn into idiotic gambling.

When you engage in gambling transactions at will and the risks are not controlled by yourself,

This is often the way to death for retail investors.

How could Zhao Jiangchuan do such idiotic gambling?

It is easy to establish a position, and given the highly speculative nature of London copper, once the counterattack that the bulls may launch is miscalculated, they will be massacred before dawn.

With the current US$400 million in Zhao Jiangchuan's hands, it is still a retail investor in the international copper market.

The only thing he could do was go with the flow.

Otherwise, even if Zhao Jiangchuan knows what the future market will be like, he still will not be able to make money in this market.

What about the trading room?

Zhao Jiangchuan tapped his fingers lightly on the table.

He's thinking about it.

If he were in the position of Tiger Fund, Robinson and Quantum Fund, how would he create a terrain that was favorable to him.

this point is very important.

The joint attack by international capital on Japan's Sumitomo Zaibatsu is no less than a grand-scale war.

The first is to attack the enemy, the second is to attack the enemy, the second is to attack the enemy, and the third is to attack the city.

In any kind of war, the easiest way to win is undoubtedly to conquer the enemy without fighting.

The price of Lun Copper is hovering at 2,700 points, which means that short sellers are forced into position and forced to defend.

As major players in the market, we all know this very well.

There is no absolute defense in the world, so the best defense is always offense.

From a short perspective, if you want to move back to the current disadvantage on Lun Copper, the only thing you have to do is to change the head and shoulders top into a reversal upward attack pattern that can form a W.

Only by changing the market into a possible W-shaped counterattack can we defeat the attacks from the short sellers and maintain the bullish camp.

Under capital there is only interest.

Once the bulls counterattack to a certain extent, the short side's camp will be under tremendous pressure.

No one will remain indifferent to losses.

Once the pressure is too great, short sellers will actively stop losses or passively close positions, which will become a new force in the bull camp.

From the perspective of the short side, it is necessary to guard against the bull's counterattack and look for opportunities to deal a heavy blow.

It is inevitable to break 2700 points.

Only by breaking through 2,700 points can chaos arise in the various camps.

The right time, right place and right people are the key to victory in war.

The trend is equivalent to the terrain, and occupying the favorable terrain is to attack the mind.

The market has never been consolidating.

The longer the consolidation lasts, the stronger the momentum will be. When it is about to break out, it will be a matter of life and death.

Zhao Jiangchuan stared at the trend chart of Lun Copper and calculated in his mind for a long time.

Finally the order was given.

"Establish a position between 2750 and 2800 points. As long as the price reaches this range, the position will be opened and the position size will be controlled to about 50 million dollars."

Under Zhao Jiangchuan's supreme authority, no one in the trading department dared to question Zhao Jiangchuan's decision.

After receiving clear instructions, everyone expressed their understanding.

London, England.

Mr. Hammer frowned deeply.

Hamanaka Tainan found that he still underestimated the strength of international capital.

Even if Sumitomo controls many copper industry groups in the international spot market, it cannot be used as a bargaining chip for him to obtain those international capitals.

I thought that the spot squeeze, which had been tried and tested many times, didn't work this time.

Coupled with the recent joint pressure from the British and American securities regulatory agencies on Hamanaka Tainan, Mr. Hammer feels double pressure.

The London Stock Exchange has strict rules.

The spot discount must not be less than $30 for March copper, but on the contrary, the spot premium can be infinite.

In the futures market, if the spot price is lower than the futures price, the basis is negative, and the price of forward futures is higher than the price of near-term futures. This situation is called "futures premium", also known as "spot discount".

The excess of the forward futures price over the near-term futures price is called the "futures premium";

If the price of forward futures is lower than the price of near-term futures and the price of spot is higher than the price of futures, the basis is positive. This situation is called "futures discount" or "spot premium".

The part where the forward futures price is lower than the near-term futures price is called the "futures discount rate."

Since Sumitomo controls a large amount of spot goods, Hamanaka Tainan has established a large number of positions in recent contracts, keeping the price of the main Lun copper contract at a high level.

In conjunction with Sumitomo's spot registration warehouse receipt, Sumitomo's capital can completely force the position into high-priced spot selling.

You can make money with spot stocks, and you can also make money with futures forced positions.

This is the manipulation of Tainan Maehama on the spot.

It is precisely because of this sharp approach that Hamanaka Yasuo has been able to stay in the position of Sumitomo's chief trader since he joined Sumitomo at the age of 22.

In the past, people in this position would be replaced within three years at most.

As for Mr. Hammer, he stayed there for more than ten years.

Over the years, Hamanaka Tainan has brought billions of dollars in profits to Sumitomo.

In the past, Hamanaka Tainan mainly relied on pulling the March copper contract to squeeze out positions, but this time, after encountering a strong opponent, he discovered that there was a serious flaw in his strategy.

Spot premium.

Due to the mandatory regulations of the London Stock Exchange, the spot discount must not be lower than $30 for March copper.

However, spot premium can be enlarged infinitely.

This allowed capital led by Tiger Fund to seize the tiny loophole and establish a large number of short positions in forward contracts.

Markets influence each other.

As the forward contract continues to fall, Hamanaka Tainan's positions are all in the three-month contract, and he is unable to attack the price drop of the forward contract.

Affected by the decline in forward contracts, there has also been a lot of selling pressure on recent contracts.

Hamanaka Yasuo knows.

This move of International Capital is just a drunkard's intention. The real purpose is to snipe the short positions in his hands.

But there was nothing he could do.

In the March contract, Sumitomo has invested more than 10 billion US dollars, and futures are all cash transactions. Hamanaka Tainan has been unable to withdraw more funds to defend against long-term contracts.

He also cannot withdraw funds from recent appointments to counterattack, otherwise he will lose sight of the other and be double killed by his opponent.

However, affected by the forward short-selling pressure, the pressure on bulls on the March contract is much greater than before.

Hamanaka Tainan frowned and thought.

Now, his only chance is to make an upward attack based on the trend of the March contract.

Nine o'clock in the evening London time is when London Copper is most active.

The flashing deals on the handicap made Hamanaka Tainan a little upset.

He resisted the urge to get angry.

The price of Lun Copper was suppressed by the short side at 2710 points.

If this continues, once the 2700 points are effectively penetrated, he will inevitably have to pay a greater price if he wants to organize defense again.

"Push the price up for me. Before the close tomorrow, you must give me the price to break all the technical pressure above."

America, Wall Street.

Tiger Management Headquarters.

Julian Robinson is like a beast king, with a sharp wild light flashing in his eyes.

Just like the name of the fund, as the founder and manager of the fund, Robinson has a shiny bald head and looks very fierce.

Starting from the establishment of Tiger Fund in May 1980, it took ten years. Under the leadership of Robinson, Tiger Fund had a place on Wall Street.

But this is just the dormant period of a jungle king.

After spending 10 years of dormancy.

In the late 1980s and early 1990s, Tiger Fund began to achieve amazing results - Julian accurately predicted that the German stock market would enter a bull market after the fall of the Berlin Wall, and at the same time shorted the Japanese stock market where the bubble had reached its peak.

Robinson made huge returns by shorting the Nikkei and betting against the stocks of several major Japanese listed companies.

In 1993, Tiger Fund, a hedge fund under Tiger Management (along with Quantum Fund), successfully attacked the pound and lira, and made huge profits in this action.

Since then, Tiger Fund has become famous and has been sought after by many investors. Tiger Fund's capital has expanded rapidly since then, and it has eventually become the most prominent hedge fund in the United States.

Today, Tiger Management, led by Beast King Robinson, is the second largest hedge fund in the world.

In his hands, he holds assets worth up to 7 billion US dollars.

This is more than one billion US dollars higher than the Quantum Fund managed by Soros.

In the office.

Robinson looked at the trend of Lun copper on the computer, his eyes flashing with strong aggression.

This time, we will join forces with Quantum Fund to attack Lun Copper. If we succeed, we will get huge returns.

The forward contract is now jointly controlled by the two companies.

As long as the March contract controlled by Sumitomo is strangled, it will be a bumper feast.

But Robinson is in no rush.

Sumitomo's strength is so terrifying that even with financial strength alone, he and Soros alone are no match for Sumitomo.

This kind of consortium that has been around for hundreds of years has unfathomable strength.

Now he needs to hunt big prey like a tiger.

Calm down and wait.

Only when the bulls show their flaws will they strike a fatal blow.

It’s 4:30 in the afternoon in New York.

London Copper, which had been oscillating up and down, suddenly moved.

Under the rapid attack of a large number of multiple orders, the price of the March contract of Lun Copper soared from 2710 to 2750 points.

On the market, a large number of buy orders flashed quickly, and all the small short orders were eaten up.

Soon, a large number of shorts began to appear in small stocks.

That was a stop loss that was killed under the rapid attack of the bulls.

It seems that the bulls' attack is very sharp.

Very powerful.

However, Robinson smiled.

If the strength of the bulls is really sufficient, there is no need to engage in this kind of surprise attack to kill the small funds in the short side.

Obviously, the main short sellers inside felt the crisis and couldn't sit still.

"Snapped…"

Robinson snapped his fingers.

He knew that the decisive battle was coming soon.

"Let them go first. To borrow a Chinese saying, the higher you praise, the harder you fall... Follow my instructions. If the price reaches 2800 points, give these bulls a head-on blow."

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