If the price of LME copper futures is converted to the price of U.S. advanced copper futures, it is equivalent to $0.6740/lb., and LME aluminum futures are converted to the price of U.S. aluminum futures, which is equivalent to $1.3612/lb.

But look at the opening prices of senior copper futures and aluminum futures on the New York Mercantile Exchange this morning, which are $0.6320/lb and $1.2965/lb., respectively.

Both types of futures are more than five percent higher on the London Metal Exchange.

That's not a small gap!

And judging from the overlap of customers on the London Metal Exchange and the New York Mercantile Exchange, the prices of LME copper futures and LME aluminum futures on the London Metal Exchange will soon affect the prices of senior copper futures and Alcoa futures on the New York Mercantile Exchange, and this off-market factor will promote the prices of senior copper futures and Alcoa futures to also rise.

This bullish factor is definitely bad news for a bears like Salomon Brothers.

"I seem to have been dragged into the water by Philip Brothers, and Albert Raphael definitely underestimated the power of the bulls. ”

John Guflan thought depressedly.

"I still have to find out if Albert Raphael has any follow-up preparations, if not, I have to plan early......"

Thinking of this, John Guufflan took out an address book from a drawer, found one of the numbers on the page of the Philip Brothers, and pressed the button to dial it.

Soon, the phone was connected, and Albert Raphael's slightly enthusiastic voice came from the receiver.

"Good morning, John......"

"Albert, good morning, I got a message, I don't know if you know, the price of London LME copper futures and LME aluminum futures is seriously higher than the price of US copper futures and Alcoa futures...... You got it?"

"Okay, what are you going to do? You're the main force in shorting this time...... Okay, I'll wait for your reply, please be sure to ...... as soon as possible"

After saying it briefly, John Guuffran's eyes narrowed slightly, and he thought back and forth about Albert Raphael's attitude and words.

After a long time, he opened his eyes, encouraged his subordinates to step down, and then went to the operation room, issued an order to temporarily reduce the intensity of shorting, and ordered the risk assessment department to reassess the investment risk of senior copper futures and aluminum futures in combination with the current situation.

John Guuffran already felt as if he had fallen for Albert Raphael, and if the Philip Brothers did not play to their strength, he would have to think hard about whether to continue with the Philip Brothers.

......

No matter how bears such as Philip Brothers and Salomon Brothers struggled, Xia Yu was not nervous.

In his opinion, from the moment he invested a large amount of money in the purchase of spot contracts, the direction of the situation had fallen into the palm of his hand.

Anyway, he has enough capital to manipulate both markets, and no matter how much the bears struggle, they are already doomed.

It depends on whether the bears are willing to continue to increase their weight.

From Xia Yu's point of view, he must wish that the bears would continue to invest money, and the more the bears invest, the more profits he can reap.

Because of some temporary matters, Xia Yu did not arrive at the New York branch of the Galaxy Fund until half past nine in the morning.

After arriving, Xia Yu was in a very good mood to see that the company once again dominated the price trend of high-grade copper futures and aluminum futures.

Just after a closer look, he found that the trading volume and frequency of advanced copper futures and aluminum futures were not as good as before, Xia Yu realized that the bears were hesitating.

If the handling fee is excluded, in principle, the futures market is a zero-sum game, and the bears and longs are equal, and neither side can sing a one-man show.

This feature of the futures market is different from the stock market because the stock market is not a zero-sum game.

If the bears don't follow up, the Galaxy Fund won't be able to spend any money.

The trading volume and frequency that Xia Yu saw in the operation room now are estimated to be about two-fifths of what he saw at the beginning of the struggle.

Of course, Xia Yu's side is ready to buy at any time, and there is no sign of weakness in the follow-up, the key is on the short side, and the number of sell orders is decreasing, resulting in Xia Yu's side not being able to perform.

Seeing this situation, Xia Yu suddenly felt a sense of disappointment.

Philip Brothers, which is now the No. 1 futures market in the United States, plus Salomon Brothers, has this kind of strength?

"Song Yang, what about the statistics of the open interest?"

Returning to the office with Song Yang, Xia Yu sat on the sofa, looked at Song Yang with his hands on his chest, and asked.

Song Yang said wait a minute, went out for about a minute, and when he came back, he already had a document in his hand and handed it to Xia Yu respectfully: "Boss, the data is here." ”

Xia Yu took it and looked at it seriously, frowning and thinking from time to time.

At present, it has 98,200 lots of senior copper futures, costing US$1,459 million, and according to the opening price this morning, the value has reached US$1,552 million, so the floating profit of senior copper futures is US$93 million.

The aluminum futures open interest is 61,450 lots, costing $1.881 billion, according to this morning's opening price, the value has reached $1.992 billion, about to reach $2 billion, and the floating profit of aluminum futures has reached $111 million.

The two futures combined, with a total floating profit of $200.4 million.

Compared with the total investment of more than 3.3 billion US dollars, this floating profit margin is definitely small.

From this, it can be seen that the strength of the bears led by Philip Brothers is still very strong, and after playing for so long, it has not allowed the prices of advanced copper futures and aluminum futures to skyrocket.

Unlike the London Metal Exchange, Baring Bank was beaten and retreated, barely able to parry, and could only watch the prices of the two futures skyrocket.

It's just that Xia Yu is still not satisfied with these data.

On the long side, he is the main force of the main forces, but on the short side, although Philip Brothers is a big short, there are also other institutions entering the market.

Xia Yu estimated that the Philip Brothers company estimated that it would only invest about two billion US dollars, and it may not even be enough.

Now if the Philip Brothers company clears its position and withdraws when the situation is not good, the loss will not be big, it is estimated that it will be hundreds of millions of dollars, and it can hurt the muscles but not move the bones, which is not in line with Xia Yu's plan.

He planned to knock down the Philip Brothers Company with a stick, and then take it over at a low price, and the Philip Brothers Company's losses were not big enough, which would make it more difficult for him to acquire.

Thinking of this, Xia Yu instructed Song Yang: "In the past two days, you can slow down the offensive first, and you can even pretend that you don't have enough funds to lure more short capital into the market." ”

Song Yang was stunned for a moment, showed a sinister smile, nodded again and again, and said, "Boss, I understand." ”

The boss doesn't think the pig is fat enough.

......

After leaving Galaxy Fund, Xia Yu quietly came to the New York branch of Jiuding Securities.

As soon as he saw the general manager Toby Moulton, Xia Yu went straight to the point and asked: "Toby, how is the short selling going?"

Unexpectedly, Toby Morton said with some regret: "Boss, the short selling was very smooth before, and many institutions were willing to bet with us, but in the past few days, we have found four institutions, and none of them are willing to bet with us." ”

There is only one reason why he holds the shares of Philip Brothers, but he is unwilling to gamble, that is, he is not very confident in Philip Brothers, and he is afraid that after the bet, the stock price of Philip Brothers will be constantly sucked after the blood crash, and the loss will be greater.

If you don't gamble, you can sell the stock in time to control the loss within an acceptable range.

Xia Yu bowed slightly, and did not immediately express any opinions, but continued to ask: "How much have we shorted now?"

During this time, the company was revolving around this work, so Toby Moulton knew the data well, and he said without thinking about it: "At present, we have gambled with seven institutions, borrowed a total of 22.12 million shares, accounting for 14.75% of the total share capital, and sold 616 million US dollars. ”

"Now that the share price of Philip Brothers has fallen slightly, we have a floating profit of $8.26 million. ”

From these data, it can be seen that the impact of the temporary failure of Philip Brothers in shorting has been fed back to its stock price, but because the outside world does not know the real loss, the stock price has only fallen slightly.

If the news of the loss of $200 million in Philip Brothers is revealed now, its stock price will definitely collapse, after all, the annual net profit of Philip Brothers was only $289 million last year.

Now the price has fallen slightly, and investors are only relying on speculation and subjective analysis, and are not optimistic about the prospects of Philip Brothers.

After thinking for a moment, Xia Yu's face turned grim, and he stared at Toby Moulton and said: "Toby, I have asked the Galaxy Fund to slow down its offensive, maybe the Philip Brothers Company will regain its advantage in the next two days, you must seize the opportunity and strive to quickly increase the amount of short selling." ”

"If some institutions are still unwilling to gamble, you have to send someone to keep an eye on it, and when it comes to launching a general offensive later, keep an eye on their equity flow, so that it is convenient to buy the bottom in the later stage, understand?"

Toby Morton also talked to his boss Xia Yu and knew that he didn't just want to make a profit, but also wanted to eat the Philip Brothers.

He still knows which is more important.

Therefore, he nodded solemnly and responded: "Boss, I understand, I will make a plan of action immediately." ”

"Well, go ahead, work harder. Xia Yu smiled and encouraged.

......

Sure enough, over the next two days, the buying momentum of the Galaxy Fund slowed down, leaving the bears overjoyed.

After a series of temptations, the bears continued to increase their weight, trying to regain lost ground, and the bulls who lost the Galaxy Fund could only barely parry.

Fortunately, there is also the price impact of the futures market in London and island countries, which has driven the prices of copper futures and aluminum futures on the New York Mercantile Exchange and the Chicago Mercantile Exchange to rise.

And Toby Moulton also seized the opportunity, luring three more institutions in just two days, borrowing 8.25 million shares.

After borrowing it, it immediately began to be sold.

It's just that in order to avoid being put on the hat of malicious shorting, Toby Morton still did the cover.

However, the large-scale sale of shares has greatly increased the trading volume of Philip Brothers' shares, which has had a slight impact on the stock price.

Inevitably, the news reached Philip Brothers, and the chairman, Tendeler Wells, sensed something was wrong, with a feeling of being surrounded by intrigue.

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