At current prices, even if the new mine can be sold at a price of 8% or even 7%, and the smelter has a profit on the book for every ton of copper produced, but counting the loan to buy the mine, after repaying the bank interest and principal every month, the profit of the entire group is still very little. If the situation continues to deteriorate, the Southern Group will only have to enter bankruptcy proceedings ahead of schedule.

At 9:30 a.m. on the second day, in order to catch the flight back to Jiangcheng at 10:45 a.m., Li Xin and Xia Xiaona came to the airport early, and after completing all the formalities, they sat quietly in the waiting hall and waited for boarding.

Because the honeymoon was interrupted halfway, Xia Xiaona seemed very depressed, and there was a faint worry in her heart, so she seemed worried early this morning.

After a while, the plane will be boarded, and once you get on the plane, you will not be able to communicate with the outside world for another three or four hours. And these few hours happened to be the trading hours of the futures market, and the sharp rise and fall of copper prices during this period made her very worried.

Before the holiday, she learned that Li Xin had sold 4,000 short positions, and before the market came out yesterday morning, she had been worried that the price would rise sharply, resulting in a huge loss in Li Xin's position.

And after opening with a falling limit yesterday morning, the instantly increased profit of more than 42 million yuan on Li Xin's account made her ecstatic.

What she is most afraid of now is whether the profit of more than 42 million yuan will fly away like a boiled duck because of the uncertainty of the price trend in the next few days.

Because Li Xin told her before, the reason why she didn't want to tell her about her operation in the futures market was because she was afraid that her worries would affect Li Xin's operation and mood. So although she was uneasy now, she couldn't help it and didn't talk about her worries about Li Xin.

But she secretly observed Li Xin several times, but saw that Li Xin looked calm and relaxed, as if she was not worried about the 4,000 hands in her hand. Xia Xiaona felt a little strange, and in the end, she couldn't help but ask, "Will there be something wrong today?"

"Hmm, what's the matter?" Li Xin asked strangely when she saw Xia Xiaona's frowning look.

"After getting on the plane later, it will take at least two or three hours to get to Jiangcheng, this time is the trading time of the futures market, aren't you afraid of a sharp rebound in prices?"

"Oh, that's what you're talking about, don't worry, it's going to be fine. Didn't I tell you? At least two or three more down limits. ”

"You're too optimistic, no one can say for sure what prices will go up and down, isn't it still rising last week? If the price rises again, your profits will be wasted again. ”

Li Xin said: "Before you went out early this morning, when you were packing, I paid attention to the trend of London copper and the Dow Jones last night, London copper fell by 7.2%, and the Dow Jones also fell sharply. ”

"Really?"

"Hey, you still don't believe me. You reminded me that now that the futures market has opened, I will turn on the computer and show you the market, and you will know. Li Xin said and took the laptop out of the suitcase.

"Can you see it here?"

"Of course, my laptop has a wireless SIM card, so I can watch the market wherever I have a mobile phone signal. Besides, the airport should also have free WiFi. ”

While speaking, Li Xin's laptop was opened, and he called up the market software to take a look, only to see that the price of domestic futures copper was tightly pressed at the position of 48,640 yuan on the falling limit, down 2,570 yuan compared with yesterday, a decrease of 5.02%.

"See, it's down again, it's down 2,570 yuan!" Li Xin pointed to the computer screen and said to Xia Xiaona.

"Wow, it's fallen so much again!" Xia Xiaona shouted happily, causing the people waiting for the plane next to her to turn their heads and look at Li Xin and Xia Xiaona, wanting to see what was going on.

"Be quiet. Li Xin reminded.

Xia Xiaona also realized that her voice was too loud just now, she made a grimace, stuck out her tongue at Li Xin, and then whispered: "Coupled with the more than 2,100 yuan that fell yesterday, isn't it now that you have made a profit of more than 4,600 yuan per ton, and the total profit of 4,000 short orders exceeds 92 million yuan?"

"Almost, at least that's the number. ”

"How can you be so accurate? I saw that you were still restless last week, why aren't you worried this week?"

Li Xin pointed to the computer screen and said to Xia Xiaona: "It's not that I judge accurately, we rely on data to speak." You see, the London copper price closed at $5,475 last night, down $425, or 7.20%, from the previous session. Let's not talk about the previous London copper has fallen by more than 14%, let's just say that last night's 7.20% decline was almost the space for the two falling limits of domestic futures copper. In such a situation, it is not surprising that the domestic copper price has two more falling limits. ”

"Great, great, then today's more than 92 million yuan will become more than 130 million yuan tomorrow!" Xia Xiaona happily grabbed Li Xin's arm and shook it.

Li Xin smiled: "Look at your happiness, are you still distressed that your honeymoon has been interrupted?"

"Of course it's distressing, these are two different things!" Xia Xiaona said with a pout.

"Don't worry, there will be time in the future, there will be holidays on New Year's Day and Spring Festival, and I will take you out to play when the time comes. ”

"Hmm!"

Xia Xiaona rested her head on Li Xin's shoulder, and the two stared at the computer screen together. Suddenly, as if she had discovered something, she asked, "Hey, didn't you say yesterday that the space for the down limit is 4%, why is the fall limit 5% today?"

"I don't know, maybe the exchange temporarily changed the range of the price limit. ”

"Oh. Didn't you say that the index was also falling sharply? Let me see how it goes. ”

Li Xin called up the time-sharing chart of the Dow Jones to Xia Xiaona: "The trend of the Dow last night was more dangerous, it opened at 10322 points and then fell all the way, with the largest intraday decline of 7.63%, although it closed some more at the close, but the overall decline still reached 3.58%. Last night, both the lowest and closing points hit new lows for the year, which indicates that the market will fall further in the future. ”

"The Dow's biggest intraday decline was 7.63%, but the closing decline narrowed to 3.58%, why did the Dow close last night with only about half of the largest decline, but London copper closed at the lowest point?" asked Xia Xiaona.

Li Xin thought for a while and said: "The point of the Dow is the valuation in the stock market, and the price of London copper is the valuation in the futures market. Valuations in the stock market may be relatively large, while commodity valuations in the futures market are a bit different. Because there is a reference to the sales price in the sales market, the pricing in the futures market is more realistic. Perhaps for this reason, the Dow fell by 7.63% last night, which is already the biggest drop in two years. And there is another important issue worth noting, that is, the Dow can be traded in both directions, and it can be either short on the high or long on the low. With such a big drop last night, there will definitely be a lot of bottom-buying funds to buy the stock index at a low level. In the long run, the Dow will continue to fall, but the short-term long profits are also quite considerable, which may be one of the reasons why the Dow narrowed its decline by the end of the day. ”

Why is it that its closing price is $5,475 and the lowest price is $5,465, and the closing price is only $10 higher than the lowest price, which can almost be regarded as closing at the lowest point?"

"Didn't I tell you just now? Because the pricing of commodity futures is based on the selling price in the sales market, if the price in the sales market also falls sharply, no one dares to go long on the dip. The price in the stock market just lacks such a price benchmark in the sales market, so the valuation elasticity in the stock market is relatively large, and after the record decline, there is room to go long on dips in the short term. London copper prices lack such resilience, and once a long-term downward trend is established, there will be few investors who go long on dips. ”

"Oh, I see. Xia Xiaona understood the difference between the valuations in the two markets that Li Xin talked about.

"And it is precisely because the copper price in London closed near the lowest point last night, and did not rebound sharply from the low level like the Dow to narrow the decline, so I am more sure that the price of copper in international and domestic futures will continue to fall sharply!" Li Xin said with confidence.

"Why?"

"Because the domestic consumer market is the world's largest consumer market for copper metal, during the National Day because of the holiday factor, the domestic futures market has a whole week without trading, during which the collapse of London copper prices can not be ruled out as the possibility of international speculators taking advantage of the vacuum period of price changes in the domestic futures market to speculate in the short term. If this is the case, then they will establish a large number of short positions before the holiday, beat the price down during the National Day to make a profit, and after the resumption of domestic futures trading, they will inevitably avoid risks and close positions, which will make London copper prices rise in retaliation. ”

"Yes, I'm also worried that there is something strange about this plunge, and I'm afraid that the price will rebound sharply this morning, so I'm restless all morning. ”

"In fact, I also have such worries, because yesterday the domestic futures copper was hit to the fall limit, but the 4% decline is only a drop in the bucket compared with the 14% decline in the London copper price in a week, that is to say, the decline in the London copper price is far more than the domestic copper price. If the view of copper prices in the international market is only a short-term suppression, then yesterday's London copper prices are likely to rise in retaliation after the start of trading in our domestic futures copper. But after seeing the 7.20% drop this morning, I was completely relieved. This shows that the bearish outlook on copper prices in the international market is long-term. ”