As the days passed, the movement in the New York Mercantile Exchange became louder and louder.

With the continuous betting of bulls and bears, the chips on the gambling table are like a mountain of gold, many institutions are tempted and have raised their bets, while ordinary investors have become melon eaters.

George Berkeley and Wang Qi outside the United States have also been in place, and funds have poured into the futures trading market like water, quietly changing to first-hand copper futures and aluminum futures contracts.

The more you buy in the early stage, the more profit you will get from arbitrage as long as you win later!

Two weeks later.

All accounts of Galaxy Fund have held 58,150 contracts of senior copper futures and 39,200 contracts of aluminum futures, worth more than $2 billion!

On the bright side, only the futures contracts worth $700 million held by the Galaxy Fund are about one-third.

But despite only a third of the exposure, Galaxy Fund is still one of the most impressive bulls in the market!

Many bigwigs of financial institutions on Wall Street were very surprised, when did a powerful financial company suddenly emerge on Wall Street!

Because Xia Yu secretly invested too much capital, so even if the bears are hedging, the price of senior copper futures and aluminum futures still rose a lot, this morning's latest opening price, senior copper futures are $0.6025 / pound, and aluminum futures are $1.2125 / pound.

"Boss, the news from Julian Robertson has been confirmed, and behind the company of those accounts is the Philip Brothers Company!"

In the New York branch of the Galaxy Fund, Xia Yu just instructed the trader to continue to build a position, and at this moment, Song Yang walked in with a solemn expression and whispered in Xia Yu's ear.

Xia Yu was not frightened, but the corners of his mouth were slightly upturned, and his expression was slightly relaxed.

Apparently, there is no fear of the futures giant Philip Brothers.

Of course, he knew about Philip Brothers, and he had memories of his past life, and he was very clear about the future of Philip Brothers.

Don't look at the fact that Philip Brothers is now the largest futures company in the United States, but that's all, ranking first in the futures market.

In other areas of finance, Philip Brothers is far behind.

In terms of overall strength, Philip Brothers is far inferior to Morgan Stanley, Merrill Lynch, Citibank and other companies.

So what else does he have to worry about?

Such a stepping stone, no matter how you look at it, is suitable for Xia Yu to step on, compared to Xia Yu's strength, it is not big or small, just right!

"The news has been able to get out, and the next battle is about to escalate!"

Xia Yu said with a chuckle, then looked at Song Yang and asked, "What did Xue He say, what is the situation at the Chicago Board of Trade?"

Before coming, Song Yang had already talked to Xue He on the phone, and he already knew the situation, and immediately reported at this time: "Boss, affected by the New York Mercantile Exchange, the prices of senior copper futures and aluminum futures on the Chicago Board of Trade have risen, and the latest senior copper futures price is $0.5995 / pound, and the aluminum futures price is $1.2430 / pound. ”

Although it is the same futures variety, there are differences in prices on different futures exchanges, because of this difference, there is a cross-market arbitrage transaction.

It's just that the risk of cross-market arbitrage is large, and it is better to be in the same country, if it is different and excessive, the risk is greater, such as taking into account the stability of the price comparison, such as changes in external factors such as tax rates, exchange rates, trade quotas, ocean transportation costs, and production technology levels, which will have a great impact on prices.

In addition, there are market risks, credit risks, time exposure risks and policy risks.

Because of various risks, few institutions generally trade across the market, and more rely on the price comparison of the same commodity in other futures markets, which is also a very important factor affecting futures prices.

Of course, there are no absolutes, if the price difference between different futures exchanges for the same commodity is too large and does not get close to each other for a long time, then it will definitely attract a large number of financial institutions to take risks to chase profits.

Then again.

Hearing Song Yang's report, Xia Yu made a quick calculation in his mind and came up with a price of $0.003/lb higher for senior copper futures on the New York Mercantile Exchange and $0.0025/lb higher for aluminum futures.

According to the number of futures held by the Galaxy Fund today, this difference also contains a spread of nearly $7 million.

Considering the overall market for advanced copper futures and aluminum futures, the price difference is at least a few hundred million dollars.

That's a bit of a big difference!

Thinking of this, Xia Yu immediately instructed Song Yang: "Call Xue He and order him not to put his hands away anymore, how can the amount of 300 million US dollars be enough! Within three days, the value of his futures will exceed 800 million US dollars, give me an additional position to buy!"

"Yes!"

Song Yang was shocked, and the voice in response subconsciously increased.

Then, seeing Xia Yu waving his hand, Song Yang left quickly.

And Xia Yu continued to order traders to open positions.

The foreshadowing in the early stage is almost over, it's time to let go of your hands and feet to fight!

"500 lots of advanced copper futures, 0.1 cents higher to open a position!"

"500 aluminum futures lots, 0.1 cents higher to open a position!"

As soon as Xia Yu's voice fell, the purchase order with a total price of more than 20 million US dollars was immediately hung out, and the market immediately fluctuated violently.

Just after the Galaxy Fund made a move, the rare metal futures department of Philip Brothers immediately discovered the situation.

Harlan Dryden was not stunned and directly ordered to open a short position.

In less than five minutes, more than $30 million of funds from the senior copper futures division flowed into the market, stabilizing the price that was about to climb.

Of course, because the leverage is 10 times, the margin is only 3 million US dollars.

Next door to the aluminum futures department, Sean Andrew gave the same order, and more than $25 million flowed into the market.

At this time, Albert Raphael stepped in and immediately asked:

"Harlan, have the bulls stepped up their offensive?"

"Yes, the bulls don't seem to be able to wait, in five minutes, I have already ordered someone to sell two thousand lots, otherwise the price really can't be pulled!"

Harlan Dryden replied with a serious face.

Albert Raphael's eyes narrowed slightly, and he thought for a moment and said: "Although the number of positions held by the Galaxy Fund is only worth about 700 million US dollars on the surface, according to the calculation of the number of positions, they have definitely invested more than 1 billion US dollars, and they are really strong!"

"Since they don't want to wait, then let's do it too, the Galaxy Fund has invested such a large amount of money, and they don't want to back down, so it's just right!"

"Harlan, execute the second phase of the plan!"

Harlan Dryden perked up and smiled excitedly.

It's been a month since the very beginning, and he can't wait!

Add to your position!

Significant increase in positions!!

Both Philip Brothers and Galaxy Fund began to invest on a large scale, and the prices of senior copper and aluminum futures on the New York Mercantile Exchange fluctuated violently.

From time to time, hundreds or thousands of hands of orders pop up to make the people who eat melons exclaim.

At the same time, Philip Brothers took the initiative to release negative news for advanced copper futures and aluminum futures, and it was a research report that had been prepared for a long time.

The futures giant Philip Brothers turned out to be a big short!

The news made the other bears excited, lamenting that they were on the right team, and raised one after another.

The bulls, on the other hand, are all dignified, and there is no shortage of those who are not well informed and retreat.

The prestige of Philip Brothers' company in the futures market has been built step by step by stepping on the corpse of a loser, and many small financial institutions are afraid of it, and it is normal for them to choose to retreat.

And I don't know when and I don't know where the news came from, all kinds of bad gossip went viral on the New York Mercantile Exchange, and spread on Wall Street at a very fast speed.

In an instant, the scales quickly tipped in favor of the bears, and the situation was very unfavorable for the bulls.

In the face of this situation, Xia Yu didn't say a word, waved his hand, and chose to increase his position to stabilize market confidence!

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