The Chinese government last week looked likely to suffer
massive losses following the collapse of large short positions
in copper taken by a trader at its State Reserve Bureau
The short position, reported to amount to over 200,000
tonnes on London Metal Exchange (LME) and Shanghai Futures
Exchange (SHFE) was believed to have been opened by Liu Qibing
before going spectacularly wrong in the face of soaring copper
According to FO Week's sister publication, Metal
Bulletin, Liu had subsequently gone missing, with phone calls
to his obile unanswered. Market speculation regarding his
whereabouts ranged from suicide to jail to murder.
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