London copper is also known as LME copper.

The first futures trading of copper began in 1877, and there are two types of copper that are traded.

Yin grade copper: A grade copper.

It is also known as No. 1 copper in China.

Copper rods: The specification standard is Grade A copper weighing between 110 and 125 kg.

Among them, the trading of yin-grade copper is the most active.

All copper to be delivered must be of grade A copper approved by the London Stock Exchange in accordance with the UK BS6017-1981 standard classification specification.

The contract rules for Grade A electrolytic copper are:

The contract quantity unit is 25 tons

Quotation, US$/ton

The lowest price fluctuation range, 0.5 US dollars / ton.

The delivery date is any trading day within three months.

It is different from the futures market that has just opened in China.

Contracts on the London Stock Exchange are more speculative in nature and do not have any price limits.

In other words, theoretically, contracts on the London Exchange can fall by up to 99.9%, and the increase can reach an unlimited amount.

In terms of time, it is also very different from the domestic handicap.

The London Stock Exchange is trading from 9 p.m. to 3 a.m. every day.

However, due to the issue of jet lag, the London Stock Exchange is very lukewarm during the working hours of the Asian day.

Trading on the London Exchange is active only during the Asian night.

If we look at it from the perspective of the development of the human era.

The non-renewable nature of resources is destined to make copper, the first non-ferrous resource, only rise in price and not fall.

As a hanger.

Zhao Jiangchuan naturally knew that in the future, copper would rise to an incredible price.

However, futures are highly speculative, which makes it impossible to calculate the future price of copper according to time.

If the price on futures is slaughtered by the market before it rises, no matter how high the price is in the future, it will not make sense for the person who held the position in the first place.

Candlestick chart display on a computer screen.

In recent months, the price of copper in London has fluctuated back and forth around 2,700 points.

The long and short sides are here, and the battle has lasted for several months.

The system of indicators is almost out of order.

Completely parallel indicators no longer make any sense.

If you look at it technically, London copper had a previous high of 3,300 points, and when it rose a year ago, it also once had a long-term consolidation around 2,700 points.

Therefore, the defensive measures and holding positions of the bears are the reversal support formed by the previous 2700 points.

Somewhat similar to siege warfare.

In the early rise, the position of 2700 points has been consolidating for a long time, which means that a large number of troops have been invested in both long and short sides.

But later, the price of London copper rushed to 3300 points, which means that the 2700 points occupied by the bears were taken by the bulls.

Whether it's a war or a long and short duel in the market.

To take any of the key cities is to pay a great price.

Two thousand seven hundred points, the bulls invested a lot of money when they attacked the city here.

Now, being beaten down by the bears all the way, the bulls can only desperately hold this position.

Psychologically and technologically, it forms an invisible defensive position.

However, from the current technical point of view, there is a trend in London that is high in the middle and low on the side.

In the classic case, it has a very interesting name.

Head and shoulders.

If the subsequent bulls are unable to push this reverse head and shoulders back to the W pattern, they will definitely turn down.

From a coercive point of view, Zhao Jiangchuan is very clear about the consequences of Sumitomo being sniped by international capital this time.

However, this is not enough to be an absolute basis for him to open a position.

Zhao Jiangchuan started as a small retail investor and knew very well the importance of calculating the entry position.

Investment, speculation, gambling.

When behavior is out of one's control, speculation becomes idiotic gambling.

When gambling is bought and sold at will, and the risk is not controlled, it is often the way for retail investors to die.

How could Zhao Jiangchuan do such idiotic gambling.

Positions are easily opened, with the high speculative nature of London copper, and once the bulls miscalculate the possible counterattack, they will be slaughtered before dawn.

With the current 400 million US dollars in Zhao Jiangchuan's hands, in the international copper market, it is still a retail investor.

The only thing he can do is go with the flow.

Otherwise, even if Zhao Jiangchuan knows what the future market will look like, he still can't make money in this market.

What about the Trader's Room.

Zhao Jiangchuan lightly tapped his fingers on the table,

He's thinking about it.

If he is in the shoes of Robinson of the Tiger Fund and the Quantum Fund, how can he make the terrain in his favor.

This is very important.

The joint sniping of the Japanese Sumitomo chaebol by international capital is no less than a large-scale war.

The upper army is scheming, the second is the enemy, the second is the army, and the next is the siege.

In any kind of war, the easiest thing to win is undoubtedly the soldiers who surrender without a fight.

The price of London copper hovered at 2700 points, which is equivalent to saying that the bears were forced to defend themselves.

This point, as the main force in the market, is very clear in my heart.

There is never an absolute defense, so the best defense is always offense.

From the perspective of the bears, if you want to move back to the current disadvantage of London copper, the only thing to do is to say that the head and shoulders will not change to a reversal upward pattern that can form a W.

Only by changing the market to a possible W counteroffensive can we defeat the attack from the bears and maintain the bulls' camp.

There are only interests under capital.

Once the bulls counterattack to a certain extent, it will put the camp of the bears under tremendous pressure.

No one will remain indifferent in the face of losses.

Once the pressure is too high, the bears will actively stop the loss or passively close the position, which will become a new force in the bullish camp.

From the perspective of the bears, it is inevitable to guard against the counterattack of the bulls and find opportunities to deal a heavy blow.

It is inevitable to break 2700 points.

Only by breaking 2700 points can the multi-party camp be chaotic.

The right time, the right place and the right people are the weight of victory in the war.

The trend is equivalent to the terrain, and occupying the favorable terrain is the attack.

There has never been a market that has been consolidating.

The longer the consolidation means, the more momentum will be sustained, and when it is imminent, it is the time of life and death.

Zhao Jiangchuan stared at the trend chart of London copper and calculated it in his heart for a long time.

Finally, the order was given.

"Between 2750 and 2800 points, the position is established, and as long as the price reaches this range, the position is opened, and the position size is controlled to about 50 million dollars. ”

Under Zhao Jiangchuan's supreme authority, no one in the trading department dared to question Zhao Jiangchuan's decision.

After receiving clear instructions, they all said they understood.

London, United Kingdom.

Mr. 'Hammer' frowned deeply.

Yasuo Hamanaka found that he still underestimated the strength of international capital.

Even if Sumitomo controls a number of copper groups in the international spot market, it cannot be his bargaining chip to hit those international capitals.

I thought that the tried and tested spot forced position was not easy to use this time.

Coupled with the recent joint pressure on Yasuo Hamanaka by the British and American securities regulators, this 'hammer' gentleman feels double pressure.

There are all hard and fast rules on the London Exchange.

The spot premium shall not be less than $30 for March copper, on the contrary, the spot premium can be infinite.

In the futures market, if the spot price is lower than the price of futures, the basis is negative, and the price of forward futures is higher than the price of recent futures.

The part of the forward futures price that exceeds the near futures price is called "futures premium";

If the price of forward futures is lower than the price of near-term futures, and the price of spot is higher than the price of futures, the basis is positive, which is called "futures discount", or "spot contango".

The part of the forward futures price that is lower than the recent futures price is called the "futures discount rate".

Since Sumitomo holds a large amount of spot, Yasuo Hamanaka has established a large number of positions in the recent contract, so that the price of the main London copper contract has been kept at a high level.

With Sumitomo's spot registered warehouse receipts, Sumitomo's capital can be completely forced to enter the high-priced spot sell.

Spot can make money, and futures forced position manipulation can also make money.

This is the manipulation of Yasuo Hamanaka on the spot before.

It is precisely by virtue of this sharp approach that Yasuo Hamanaka has been able to stay in the position of Sumitomo's chief trader since he joined Sumitomo at the age of 22.

In the past, people in this position would change at most three years.

And Mr. 'Hammer' stayed for more than ten years.

Over the years, Yasuo Hamanaka has brought billions of dollars in profits to Sumitomo.

In the past, Yasuo Hamanaka mainly relied on pulling the March copper contract to force his position, but this time, after encountering a strong opponent, he found that there was a very serious loophole in his tactics.

Spot premium.

Due to the mandatory regulations of the London Stock Exchange, the spot discount shall not be less than 30 US dollars for March copper.

However, the spot premium can be infinitely magnified.

This allowed the capital, led by the Tiger Fund, to catch that undetectable loophole and build a large number of short positions on the forward contract.

Markets are mutually influential.

With the continuous decline of the forward contract, Yasuo Hamanaka's position is all in the March contract, and he cannot snipe at the price decline of the forward contract.

Affected by the decline in forward contracts, there has also been a lot of selling pressure on contracts recently.

Yasuo Hamanaka knows.

This trick of international capital is that the drunkard does not mean to drink, and the real purpose is to snipe the short positions in his hands.

But he couldn't do anything about it.

Sumitomo has invested more than $10 billion in the March contract, and the futures are all cash transactions, and Hamanaka has been unable to withdraw more funds to defend the long-term contract.

He can't withdraw funds from the near contract to fight back, otherwise he will be killed by the opponent if he loses one or the other.

However, due to the pressure of short-selling in the future, the pressure on the bulls on the March contract is much greater than before.

Yasuo Hamanaka thought with a frown.

Now, his only chance is to talk about the trend of the March contract and make an upward offensive pattern.

Nine p.m. London time is when copper is at its most active.

The flickering transactions on the handicap made Yasuo Hamanaka a little upset.

He resisted the urge to get angry.

The price of London copper was suppressed by the bears at 2710 points.

If this continues, once the 2700 points are effectively penetrated, he will inevitably have to spend a greater price if he wants to organize a defense again.

"Give me a push the price up, and before the close tomorrow, be sure to give me the price to break all the technical pressure above. ”

Wall Street, USA.

Tiger Fund Headquarters.

Julian?? Robinson was like a beastmaster, his eyes flashing with a sharp, wild light.

As the name suggests, Robinson, the founder and manager of the fund, has a slick bald head and looks fierce.

It took ten years since the establishment of Tiger Fund in May 1980, and under Robinson's leadership, Tiger Fund has gained a place on Wall Street.

But this is only the dormant period of a jungle king.

After a 10-year hibernation period.

In the late '80s and early '90s, Tiger Fund began to perform spectacularly – Julian accurately predicted a bull market in Germany after the fall of the Berlin Wall, while shorting the Japanese stock market, where the bubble had peaked.

By shorting the Nikkei and shorting the shares of several of Japan's largest listed companies, Robinson has made handsome returns.

In 1993, Tiger Fund (in conjunction with Quantum Fund), a hedge fund owned by Tiger Fund Management, successfully attacked the pound and the lira and made huge gains in this operation.

Tiger Fund has since become famous and sought after by many investors, and Tiger Fund's capital has since swelled rapidly, eventually becoming the most prominent hedge fund in the United States.

And today, Tiger Fund, led by Beastmaster Robinson, is the world's second-largest hedge fund.

In his hands, he has assets of up to $7 billion.

This is more than a billion dollars higher than the quantum fund managed by Soros.

in the office.

Robinson looked at the copper trend on the computer, and his eyes flashed with a strong invasion color.

This time, if you succeed in joining forces with the Quantum Fund to snipe London copper, you can get a huge return.

The forward contract is now jointly controlled by the two companies.

As long as the Sumitomo-controlled March contract is strangled again, it will be a good harvest.

Robinson wasn't in a hurry, though.

Sumitomo's strength is too terrifying, so terrifying that with financial strength alone, he and Soros are not Sumitomo's opponents.

This kind of centuries-old consortium has unfathomable strength.

Now, he needs to be like a tiger hunting big game.

Calm down and wait.

Only when the bulls show their flaws, they will deliver a fatal blow.

New York at half past four in the afternoon.

London copper, which had been oscillating up and down, suddenly moved.

Under the rapid attack of a large number of long orders, the price of the London copper March contract soared from 2710 to 2750 points.

On the handicap, a large number of buy orders flashed quickly, and all those small short orders were eaten.

Soon, a large number of small stock flats began to appear.

It was a stop-loss order that was killed under the quick attack of the bulls.

It seems that the bulls' attack is very sharp.

It's very imposing.

Robinson, however, smiled.

If the strength of the bulls is really enough, there is no need to engage in this kind of raid to kill and snipe the small funds in the short side.

Obviously, the main bears inside sensed the crisis and couldn't sit still.

"Smack..."

Robinson snapped his fingers.

He knew that the time for a decisive battle was coming.

"Let them go first, to borrow the saying of the Chinese, the higher you hold it, the harder you fall....listen to my instructions, if the price rushes up to 2800 points, you will give these bulls a head-on blow." ”

。 m.