Li Xin didn't know how Liu Zhongzhou discussed it just now, so he asked, "Chairman, what months of contract is the position built on?"

Liu Zhongzhou asked, "Is there anything special here?"

Li Xin heard Liu Zhongzhou say this, only to know that they did not consider these details at all, and he felt a little incredible: to do hedging, but not carefully calculate the relationship between the position in the futures market and the monthly output, how can such a big thing be decided by patting his head?

But at this time, he had to be patient to explain: "Different contracts are very different. At present, the contract with the largest trading volume is the contract in May, and the group wants to sell the hedging product in the second half of the year, so the position should be diversified into the contract after June. There are two reasons for this, one is that the group's products are produced every month, and the other is that the contract turnover is relatively small after June, and it is difficult for us to concentrate on the contract of which month, even if the transaction is made, the price of the transaction will be outrageous, not to mention that it will be immediately seen by others at a glance. ”

Liu Zhongzhou originally thought that this 10,000 tons of copper only needed to be sold in the futures market, just like a sales company selling goods to customers, how did he know that there are so many doors in the futures market, and the sale is divided into different months.

He hurriedly asked Li Xin: "What do you think should be done?"

Li Xin said: "In my image, there is no seasonal factor in the output of copper, unlike agricultural products, which are not divided into off-peak seasons, right? In this case, we might as well divide the 10,000-ton volume into five equal parts, and sell 2,000 tons per contract in the five-month contract from August to December, or choose another five-month contract." ”

Liu Zhongzhou thought for a while and said, "It doesn't make much difference if you change to another contract, right?"

Li Xin said: "Yes, the second half of the year is just six months, and there is not much difference. ”

Liu Zhongzhou said: "Then do as you say, from August to December, sell 2,000 tons a month." ”

Li Xin said, "Okay, I'll do it." Just when he was about to turn around and go out, he suddenly remembered another question, immediately stopped, and said: "Chairman, there is another matter, you just said that as long as the price is not less than 37,000, you will resolutely sell, this price is the current largest trading volume of the May contract, in fact, the price of other contracts in the second half of the year is higher than the price in May." In other words, as long as the price of the May contract is not less than 37,000, the other contracts will be resolutely sold, right?"

Liu Zhongzhou said: "Yes. He thought for a moment and asked with some surprise: "Why is the contract price higher in the second half of the year?"

Li Xin said: "This is the situation at the moment, but it doesn't necessarily happen every year. Just note that the phenomenon that the contract price of the far month is significantly higher than the contract price of the near month indicates that the market is bullish. ”

Liu Zhongzhou was obviously stunned when he heard this, and then said affirmatively: "Even if some people are bullish about the market outlook, they will change this idea after today! If nothing else, just say that the news of selling reserve copper today means that the management thinks that the current copper price is unreliable, and you won't fail to see this, right?"

Li Xin said: "This is true, the sale of copper reserves itself is a move to reduce prices." ”

Liu Zhongzhou said: "This issue will not be discussed, let's do as instructed!"

Li Xin said, "Okay. ”

After Li Xin returned to the office, he immediately logged into the trading system and began to open and sell positions on two accounts. He stared intently at the screen, carefully maneuvering, fearing that something would go wrong with the data. Because the trading volume of these contracts in the second half of the year is not large, only one or two orders can be placed at a time, and they have to operate back and forth between the two accounts, which is not fast. He couldn't help but be a little anxious, and it was estimated that it would take a long time to sell the 10,000-ton volume today.

After a while, Zheng Guorui walked in, he came behind Li Xin and watched Li Xin operate.

"How many deals?" asked Zheng Guorui.

Li Xin stopped to look at it and said, "More than 60 lots have been sold." ”

Zheng Guorui asked: "How many tons is this?"

Li Xin said: "More than 300 tons. ”

Zheng Guorui said: "It's only so little, when will it be sold out?"

Li Xin said: "This is not good, it is estimated that it will take an hour or two to see if all the transactions can be completed before the close of today." Otherwise, we'll have to sell it again tomorrow. ”

Zheng Guorui sighed: "This is a meticulous job! You do it slowly, I won't bother you." And with that, he went out.

Spurred on the news of the sell-off of copper reserves, the price of the most traded May contract fell sharply today, down more than 800 yuan from yesterday's closing price, and now it is more than 37,300 yuan. Li Xin is worried that the price will fall below the bottom line of 30,000, and while stepping up selling, he must pay attention to this price at any time. He had never done such a high-intensity sell transaction before, and he had to carefully check the order information every time, and constantly switch back and forth between different interfaces, and after more than half an hour, he was a little dizzy.

He looked at the open position, a total of only more than 200 hands, this is still in order to speed up the transaction, directly to the consideration of the order to immediately trade, if the price and wait for the buyer to trade, the entrusted orders can be half of the transaction is good.

When the market was about to close at noon, Ma Tianming came in, and he asked Li Xin with a smile on his face: "Mr. Li, I heard that the group is selling futures copper, isn't it?"

Li Xin nodded: "Yes." ”

Ma Tianming leaned over to Li Xin's computer: "I'll come to visit, hehe." He looked at it for a while, and then asked, "At what price?"

Li Xin said: "More than thirty-seven." ”

Ma Tianming said: "The group sold 10,000 tons at a time, which should be a big deal, plus the reserve copper sold today, it seems that the price of copper is going to fall sharply." How much do you think it's going to fall?"

Li Xin said: "I can't say for sure, but today's drop is a bit big, down more than 800." ”

Ma Tianming asked, "Do you think you can sell a little more?"

Li Xin said: "Are you saying that you open a position and sell it yourself?"

Ma Tianming said: "Yes, now everyone is bearish, it's a pity not to do this kind of obvious market." ”

Li Xin said: "It's really hard to say this, it's better for you to make your own mind." ”

Ma Tianming could see that Li Xin was prevaricating himself, but he couldn't care about this, he wanted to hear Li Xin's true thoughts, so he asked again: "Have you shorted yourself?"

Li Xin couldn't avoid it, so she had to say, "No." ”

Ma Tianming was a little surprised: "That...... How could a group go short?"

Li Xin smiled and said: "Look at what you said, of course, the chairman of the group is in charge, and he said that if he is short, he will be short!"

Although Li Xin wanted to try his best to avoid sensitive topics, Ma Tianming still noticed something strange when he heard this, so he asked: "Mr. Li, you didn't go short, do you think you can't fall?"

Li Xin was afraid that he would ask this question, if he kept pulling it off, he would expose his differences with Liu Zhongzhou, which he didn't want to see. If these topics are heard by Liu Zhongzhou and others, no matter which side is right in the future, it is difficult to say what Liu Zhongzhou will think.

So Li Xin replied to the question: "In this market, some people are bearish and some people are bullish, which is normal." ”

Ma Tianming let out an "oh" and didn't continue to ask.

After leaving Li Xin's office, Ma Tianming felt a little Jiujiu in his heart. He heard Huang Hongliang say that the group took advantage of the news of selling reserve copper in the market today to short futures copper in the futures market, so he himself started the idea of shorting with the trend. However, he didn't know much about copper prices, so he went to Li Xin's office to inquire about the news, wanting to get some specific trading information from Li Xin, and preparing to go to the futures company to sell a few futures copper in the afternoon.

He originally thought that Li Xin would also sell futures copper, because in his opinion, the group's move to short the futures market, even if it was not Li Xin's idea, Li Xin must have the same view. What I didn't expect was that everyone was bearish on the market, and Li Xin didn't take advantage of the trend to short.

At the beginning, he didn't want to talk about this issue very much, and thought that Li Xin was perfunctory to him and didn't tell the truth. But after leaving Li Xin's office, after thinking about it, he felt that Li Xin's demeanor and expression didn't look like he was lying.

Ma Tianming didn't have an idea in his heart, even if he followed the trend short, he didn't know at what price to sell, and how big the profit margin was expected. If he could find out a little bit of his own opinion from Li Xin, he would dare to follow him into the market to short. But now that he has found nothing here with Li Xin, Ma Tianming is a little embarrassed, should he follow the group to go in and short above 37,000? Or is it as uncertain as Li Xin said?

Because he was worried about trading in the futures market, Li Xin did not go home at noon. After Ma Tianming went out, he went downstairs to the unit canteen for lunch, returned to the office and rested on the sofa for an hour.

In this trading day, he sold a total of more than 7,000 tons from morning to closing, and there are more than 2,000 tons left to be sold tomorrow.

After closing, he went to Liu Zhongzhou's office to report the situation: "Chairman, more than 70 percent of the sales were sold today, and there are still more than 20 percent left. Most of the rest are concentrated in the eleventh and twelfth two months of the contract, and we will have to wait for tomorrow to continue selling. ”

Liu Zhongzhou said: "Okay. What is the transaction price?"

Li Xin said: "I really don't remember this, the price is different every month, but the lowest is more than 37,600, and the highest is close to 38,000." ”

Liu Zhongzhou said: "If we continue like this, we should be able to sell out all of them tomorrow, right?"

Li Xin said: "It should be okay." ”