"$4 billion?" Anthony on the phone was shocked, silently calculated in his heart, and said in disbelief: "Boss, do you know how much this is? According to the current price, it is at least 500,000 tons of copper!"

"Not bad!" Lin Haocang replied categorically: "It's 500,000 tons of inventory, and I'm going to play a big game in the copper futures market this time." ”

Hoarding spot first and then pulling futures is a practice that futures professionals disdain. However, in the history of commercial exhibitions, this kind of behavior often appeared, and Shanxi merchants in the Qing Dynasty gambled on the next year's harvest by making sorghum and sesame oil monopolies, which was the prototype of futures sitting on the bank.

The reason why Lin Haocang did this was to reduce the risk of entering a new market, after all, he was not familiar with the rules of the London copper market at all, and if a certain delivery date and month could not be delivered normally, then there would be a big problem.

Since the March contract can be bought and sold every day during the trading day, there is no phenomenon of long shorting, because the bears can absorb the spot copper in the market in the early stage and wait until the main contract expires to deliver, after all, the market has spot copper delivery every day.

After a little struggle, Anthony gave up his idea, Lin Haocang is his boss and a trading genius, he has subconsciously obeyed Lin Haocang's orders, and the current capital is as much as 5 billion US dollars, even if it costs 4 billion US dollars to reserve cash.

The rest of the funds are more than enough to operate the market with a hundred times leverage.

Anthony, who put down the phone, continued to buy expiring copper contracts in the market, and then frequently shipped spot copper from 1me's London warehouse to his rented warehouse. This process lasted until the end of April, and only 300,000 tons of copper were absorbed, and it was at this time that Lin Haocang called from Scotland and ordered Anthony to stop absorbing.

The economic data for the first quarter of the United States has come out, and the growth rate of 7 has fallen below most glasses in the market, and it has also made the options investors who announced on April 2 that they would give up their long power to remorse.

On the side of the United States, the largest trading volume of futures and options of a variety is often not on the same exchange, for example, the largest futures are the Chicago Mercantile Exchange and the New York Stock Exchange, and the largest options are the Chicago Board Options Exchange. But in London. Options and options of the same symbol are concentrated on the same exchange. For example, 1ME's copper options and options trading.

The design of 1me copper options is roughly the same as that of futures, and the volume is also a three-month option, which can be freely traded on any day before the strike month, and the first Wednesday of the strike month is the announcement date. The third Wednesday is the implementation day. The market is usually watched closely on the third Wednesday of every month. This is because the option executor enters the market and forms a new short or long position.

In January and February, the market's expectations for future copper prices were obviously not optimistic, and even the bearish atmosphere was very strong. Although the bears attacked suddenly on March 30, and the copper price also fell by $51, the bulls stubbornly pulled the copper price up to $5,900 on the second trading day, making the bears' dream of executing empty, and finally forced to give up most of the short options on April 2.

It stands to reason that this should be a good opportunity for the bulls to pull up, but some investors who bought long options in January gave up their power because the current copper price has not risen to the ideal price, so even under the premise of the sharp rise in the economic data of the first quarter of the United States, the trading volume of copper futures is shrinking day by day, and the lowest time is even less than 40,000 lots a day.

The market is waiting for an opportunity, a time to change the trend.

This opportunity finally came on the day the option was exercised in May!

On Tuesday, April 28, the penultimate trading day of April, Lin Haocang was in the library at the University of St. Andrews.

"What's the situation now?" Lin Haocang used the computer to check the latest market while answering the phone of the agent Wallace.

"The latest quote is 5915 dollars, and the volume remains around 400,000 lots. Wallace gave a brief report on the current market and yesterday's trading.

Another phone, Anthony has been listening silently, his task is to follow Lin Haocang's order to place an order, of course, using another brokerage seat, in his account is the funds of Sky Capital, and on Wallace's side is the funds of Skyline Capital.

"Buy 100,000 lots, order at the market price, June copper futures. Lin Haocang said. Market order is to execute at the latest market price, which is the easiest way to trade.

"Okay!" Wallace understood, then turned his line, connected to other traders, and began to match in the market.

"Anthony, you should also start to enter the market and open positions, pay attention to the changes in the market. Lin Haocang instructed Anthony. For the copper matched by over-the-counter telephones, there is no real-time transaction in the market, and you can only speculate on the computer about the buying and selling situation of both parties.

Before Anthony could agree, the phone rang, and Wallace said in a flat tone on the phone: "Mr. Lin, the contract of 100,000 lots has been traded, the price is 5920, and the contract is on June 15." ”

"So fast?" Lin Haocang couldn't react for a moment, he immediately refreshed the data on the computer, and now the current price has risen to $1920.

"The opening of another 100,000 contracts is still the market price in June. Lin Haocang decided to increase his position again, his purpose was to push up the price of copper, naturally to open a new copper warehouse, and clear the market of multiple exchanges and empty openings.

"100,000 hands?" Wallace was stunned for a moment, and then said happily: "No problem, I'll do it." Then he turned around.

"Anthony, your side is gradually increasing the July contract, which will jointly push up the current copper price. Don't forget that we have copper in our hands, so we don't have to worry about being forced to warehouse. Lin Haocang said to Anthony, who had been listening.

As it is approaching May, the trading volume of contracts on each trading day in May has begun to shrink, Lin Haocang is worried about liquidity, so the contracts bought are all in June, and the July contract is the second main month after June because it is far away from now.

The reason why Anthony was not allowed to buy and sell the June contract was that he was afraid that Lin Haocang might be taken over by Anthony in the process of closing the position, so it would be like changing his left hand for his right hand. Eventually, the accumulated positions will still be closed. The stakes are much greater.

Five minutes later, Wallace's phone call came again: "Mr. Lin, all 100,000 contracts have been sold, and the average price is $5,930." ”

"Close 100,000 lots and sell them at the market price. It's the contracts you just had. Lin Haocang didn't wait for Wallace to finish speaking. I couldn't wait to give the order.

"Flat?" Wallace was stunned. However, he quickly reacted and immediately set about taking action. In fact, brokerage companies can be market makers, and the rest of the orders are matched by them in the market. Telephone trading is very time-consuming and is not a good way to trade at all.

A contract of 100,000 contracts appeared in the market and was quickly traded, and the average price was still at 5,932. Lin Haocang thought about it for a while, and understood that this was the strength of the bulls, otherwise the market price would definitely be suppressed by one or two prices.

"Keep buying!" Lin Hao thought secretly. In this way, the market's view of the market outlook is optimistic that it has the upper hand, or the bulls want to take advantage of the opportunity to suppress the bears, or it may be that they have made short orders in the rice copper market and come here to hedge. Either way, the immediate trend is upward.

But soon, the bears' counterattack came, and soon after Lin Haocang's 100,000 sell orders, the market took a sharp turn, and the price of copper 3 plummeted, and soon fell to the position of $5,925.

"Another 100,000 buy orders, $5,925, is still June. This time, instead of placing an order at the market price, he placed a limit order in order to hold up the current downward trend.

It's just that what he didn't expect was that the 100,000-hand order was only traded for 50,000 hands, and the price of copper 3 rose to more than $5,925.

"Don't withdraw the rest of the list, entrust it at the market price, and see how far it can push the copper price up this time!" Facing Wallace's inquiry, Lin Haocang said decisively.

Ten minutes later, the remaining 5 lots were finally filled, and the average price was pulled to $5,934, while the current copper price has risen to $5,937.

"It seems that the strength of the other party is very fierce, and he actually swept away the empty orders and more exchanges at this price!" Lin Haocang shook his head, trying to drive away the dizziness, this time was his time to rest, because of the time difference, he could only operate at night, because only at this time, the copper 3 trading volume in London was the largest.

"If you open another 100,000 lots, buy at the market price, it is still a June contract. Lin Haocang took a sip of coffee, and then he felt a little sober. He did this to echo the other party, but in this case, the other party is likely not to understand what he meant, or take the opportunity to change positions at a high position, in short, Lin Haocang's move is very rash and has a very big risk.

Wallace naturally won't remind Lin Haocang of this kind of move, in fact, he would like Lin Haocang to operate frequently, so that the more commissions he can get.

This time it lasted for a long time, it took 20 minutes to fully trade, the average price has been pulled up to $1,938, and the market price has reached $5,941.

The situation just now has attracted the attention of the market, and the small follow-up orders have gradually entered the market and most of the heads have grabbed sell orders, so that Lin Haocang's hand number has not been able to be traded for a while, and it took more than ten minutes for all of them to be traded.

"Sell them all!" After seeing a green line pulled out on the computer, Lin Haocang ordered Wallace without hesitation. This is a good time to flee at a high level, just to trap the market followers and other bulls, now it depends on how many orders they can absorb, but also depends on what price force the bears are at.

At this time, the bullish sentiment of the market has been fully mobilized by two large buy orders of 100,000 lots, and investors participating in the market are keenly aware of the entry of large customers. When the copper price was raised for the first time, most people were waiting and watching, for fear that this was a trap set by the bulls, and it didn't take long to see the price of copper futures fall, but the price did not fall to the previous level.

These people's minds began to come alive, especially the short-term funds, but they rushed to enter the market before the price rebounded, but their funds were limited, and they didn't dare to place too many large lots, but they entered the market to build the bottom by way of limit price entrustment, and finally changed a lot of long orders when Lin Haocang entered the market for the second time.

When the second long order began to close the position, these followers followed up one after another, wanting to build a good bottom position before rebounding again, waiting for the third upward attack of the bulls, and in just five minutes they ate all these long closing orders, which have short-term short hand changes, and short-term long new openings, but they have ignored one point, that is, the main force of long and short positions that were active in the market before did not appear.

Because the number of orders and the amount of positions cannot be seen in the telephone market, most of the parties to the transaction choose their operation strategies based on experience and techniques, except for those funds that can manipulate the market.

An open position of 100,000 lots is enough to stir up the entire market in a short period of time, especially in the form of a market order.

After waiting for all the information about closing the position, Lin Haocang hung up Wallace's phone, said a few words to Anthony on the other phone, and rested.

As long as Anthony can clear all his positions in time on the same day, Lin Haocang will not be too worried. Anthony's main task is to take over the copper sell orders that have been on the verge of delivery in recent trading days, and gradually send the current copper to the warehouse rented in London.

It's just that what Lin Haocang didn't know was that he took a break and left behind a large number of followers who didn't know how to operate, so that they suffered heavy losses in the short counterattack shortly after.

……

"Manager, there are abnormal fluctuations in the medium-term copper market, and it seems that there is a lot of money entering the market!"

In Yokono Yamashima's office, a young trader said in a hurry. In the past half hour, they have seen all the abnormal fluctuations in the price of copper in the market, but they have not made a move, but have been watching from the sidelines.

The trading volume of thousands of lots at every turn, the need for margin to reach millions of dollars, or even tens of millions of dollars, is not an authority that ordinary traders can have. It was for this reason that other traders at Chiba Trading Company were indifferent to the fluctuations in the price of copper in the market, and when the funds quieted down, they hurried over to report it.

"Keep watching, don't let them delay my plans. Yamashima Yokono said in a flat tone with an expressionless face. Now that his position has been reduced to an all-time low, he has fully released his margin and is preparing to accumulate funds for the next step in raising copper prices.