Hou Gui said: "If you don't tell lies in front of real people, I won't go around in circles with you, you also know that most of our funds are pressed on raw materials, and funds are relatively tight." Now that the margin for futures copper is close to 18 percent, can we lower it a little? For example, at the level of 7 or 8 percent, then we can enlarge the hedging position. ”

Yuan Jie explained with a smile: "Director Hou, there is really no way to do this. There are two reasons: one is that the standard of the exchange is relatively high, and our futures company only adds two percentage points on the basis of the exchange, and there is basically no room for downward adjustment. Second, copper prices have fluctuated greatly recently, and the exchange has adjusted the margin ratio so high for the sake of customers, in order to prevent risks. You should never think that a lower margin ratio is a good thing, the capital leverage is too high, and the price fluctuates greatly when the risk is very high. ”

Hou Gui decided in his heart that Yuan Jie was making excuses by saying this, so he said disapprenously: "It's not that serious, we will pay attention to the risk of holding positions." ”

Seeing that Hou Gui was so stubborn, Yuan Jie was a little helpless, and said: "The risk caused by too high capital leverage is not only on your customers' side, but also on the futures company. If it weren't for the prevention of risks, from the perspective of our futures company, of course I hope that your position is as large as possible, and even hope that you will operate frequently every day, so that your trading volume will go up, and my futures company will charge more fees, right?"

Hou Gui saw that it was unlikely that Yuan Jie would give in on this issue, so he changed the topic and said, "Okay, then let's not talk about this, the proportion of the margin is still according to your standards." I thought about it just now, now that the price of copper has risen so fast, I estimate that Li Xin came to you, in addition to his personal reasons, there must be factors in the Southern Group, and he didn't reveal any information outside of his words?"

Yuan Jie saw that he turned back to this question, so he could only pretend that he didn't know anything and prevaricate him: "I really haven't heard him talk about this." ”

Hou Gui still didn't give up, and said, "If they do anything in the future, you have to reveal a little bit to me." ”

Yuan Jie shirked and said: "You have also seen it, Li Xin's mouth is very tight, you asked him so much, did he say anything? If he opens a position to trade, where will he let me know." ”

Hou Gui said: "If their company places an order, your futures company should be able to see their position data on the computer, right? ”

Since Hou Gui started to fight this idea, Yuan Jie has been dodging and shirking, she hopes that Hou Gui can hear her own voice and retreat in the face of difficulties, but she never imagined that Hou Gui is so persistent, in order to inquire about other people's information, not only does he have no bottom line, but also brings her in.

At this point, she really couldn't erase it, so she had to say directly: "Director Hou, you are a little embarrassed for me, this kind of information, without the consent of their company, no one in the futures company has the right to disclose it to outsiders, otherwise we will get into trouble." ”

Hou Gui grinned a little awkwardly when he heard this, and it was only then that he died of this heart.

Strange to say, after Li Xin came out of Yuan Jie's office, he kept thinking about the analysis reports mentioned by Yuan Jie just now. In fact, similar analysis reports, securities companies will send some to Li Xin's mailbox almost every day, which are nothing more than articles such as recommending stocks and predicting trends.

Because these articles rarely have accurate predictions, Li Xin rarely takes them seriously now, and most of them are hastily glanced at and then deleted. Maybe it's because he can't find the trend of copper prices and can't understand it, so he is looking forward to the articles mentioned by Yuan Jie.

Looking at it, Li Xin was gradually attracted by one of the articles.

Consumption is the most direct factor affecting the price of copper, from the perspective of supply and demand, if supply exceeds demand, the price will fall, and vice versa, the price will rise. Copper is an important industrial raw material, and the demand is closely related to the economic situation. When the economy grows, the demand for copper increases, which drives its price up. Most articles will start from this angle.

However, the idea of this article is very unique, it does not take the growth of GDP as the basis for price increases, but uses detailed data as the basis, pointing out that in the field of copper consumption, the largest proportion of the industry is actually the construction industry, accounting for about 40% of copper consumption, and in the eyes of ordinary people, the electronic products industry with a large amount of copper is actually only the second, the proportion is far less than the construction industry.

In addition, the paper also uses the trend of copper prices to compare with the data and graphs of the construction industry, pointing out that about nine years ago, the housing improvement in developed countries led to a period of rapid development of the construction industry, and in this process, there were examples of rapid rise in copper prices due to a large increase in copper consumption.

Therefore, the article puts forward a view that the main reason for the continuous rise in international and domestic copper prices in the past three years may be the rapid development of the domestic real estate industry.

When Li Xin saw this, his heart was excited, as if he had opened a window in front of him!

You must know that the housing improvement in developed countries mentioned in the article is implemented on the basis of the original good housing conditions, and the number of people involved is only one or two hundred million, which can cause the copper price to double nine years ago.

At present, the real estate industry in full swing in China is developing, but on the basis of the relatively weak housing conditions of domestic residents, the goal of housing improvement is much larger than that of the housing improvement in developed countries, and the number of people involved is at least three or four billion, which is far more than the number of people involved in the round of housing improvement in developed countries.

How much will such a large demand promote the trend of copper prices! Consumption growth of this magnitude has never been seen in the past development process of the world economy, and this is the real reason for the sharp rise in copper prices.

It took so long and painstaking efforts to understand the trend of copper prices, Li Xin couldn't help but slap the table with his hand and said, "Damn! It turns out that the secret is here!"

He has now finally figured out that it is precisely because the veteran investment funds in the international market had a similar experience nine years ago that they have a deep understanding and foresight of this fundamental change in the domestic economic fundamentals, so that they lurk in the international futures market in advance, driven by huge interests, and play a role in fueling the rise in copper prices. As a result, under the influence of various forces in the market, in three years, the copper price changed from quantitative to qualitative, and finally reached the current high level.

In this way, although the price of the main Shanghai copper futures contract is about to exceed 40,000 yuan, there is certainly a factor of speculation, but in the long run, with the continuous growth of the domestic economy, the demand for copper will continue to increase. Although the price of copper is already high compared to three years ago, it may be the norm to remain at such a high level for a long time in the future.

Thinking of this, a dark cloud floated through Li Xin's mind: if this is really the case, Liu Zhongzhou's plan to short the Shanghai copper futures in the second half of the year at the current price seems to be a bit out of place.

At this moment, the open door "knock knock" sounded three times, interrupting his thoughts, and Li Xin looked up and saw that it was Wuyunyu.

Wu Yunyu stood at the door and said to Li Xin: "The chairman asked me to inform you that the meeting will be held in the small conference room at nine o'clock tomorrow morning, and you must be on time." ”

Li Xin originally wanted to invite her in to sit down, but seeing her with a straight face and a businesslike appearance, it was embarrassing to let her in, so she dispelled this idea and replied, "Okay, thank you, I know." ”

After hearing Li Xin's reply, Wu Yunyu turned around and left.

After Li Xin became the assistant to the chairman, the offices of the two were not far from each other, and they went in and out of the corridor every day without looking down and seeing, which was very awkward. Li Xin's thoughts are relatively simple, he always feels that since the relationship between the two that has not lasted for a long time has ended, it should not be taken to heart, be frank with each other, and it is not bad for everyone to be colleagues.

But Wuyunyu didn't think so, it was the first time she took the initiative to pursue someone, and Li Xin's abandonment was unforgettable for her. In this case, it is almost impossible for her to forget the feeling of heartache and coexist peacefully with Li Xin as if nothing happened.

In the past, when Li Xin was in the sales company office downstairs, the two of them had relatively few opportunities to meet, nothing more than commuting to and from work sometimes meeting unexpectedly in the corridor, about once or twice a week, and the two of them bowed their heads and passed by, like strangers.

Now the two of them are on the same floor, and they meet several times a day. This person who lingered in Wuyunyu's heart, both wanted to see and hated to the bone, dangled in front of her eyes every day, making her already gradually calm mood fluctuate again. Feeling that it was difficult for her to face all this, she even thought about leaving this place and going to another department.

But after a serious comparison, the vain Wuyunyu hesitated a little.

In addition to the current full-time secretary position, because she doesn't understand finance, she is definitely not qualified for the work of the finance department. An ordinary clerk in the administrative office is suitable for her, but the work is trivial, and the salary is not as good as now.

Then there is the sales department, where the salary is OK, but the sales task on everyone's head is very clear, the pressure is very high, and she has no confidence to do that kind of hard work like other salesmen.