Tuesday, March 28, 1995. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 ｉｎｆｏ

Located in the north of the land of Songjiang, although the breath of spring has not yet been smelled, the sun hanging high in the blue has quietly added a lot of warmth to people.

Standing in front of the Provincial Trade Building, looking up at the two big red firecrackers that were hoisted high by the crane, and then looking at the watch, Chen Chu said secretly:

At 9:58, I'll send it! Jin Shun is enough to be neat! Dude, I'm going to give you the first order! Congratulations!

Thinking of this, Chen Chu turned around and entered the Trade Building, and at this time, the big fish he was about to catch with his net was in an extreme joy.

Yesterday, after the short meeting of the establishment of the Institutional Reform Section, Chen Chu quietly came to the Trade Building and sold all his shares on the pretext of returning to the storage and transportation headquarters to explain his work.

Because the stock market at this time was in the bottom-out stage, after a trading day, the stocks held by Chen Chu were mixed, and after all of them were sold, he checked the funds in his account, not only did he not lose money, but even made a profit of more than 1,000 yuan.

Room 618 of the business department of Changhe City Trade Building of Jinshun Futures Brokerage Company belongs to Chen Chu.

After entering the room, he glanced at the quartz clock on the wall, and Chen Chu hurried to sit in front of the monitor, where the big fish was spreading joy without emotion.

Hainan Zhongshang Futures Exchange, before the rectification of the national futures exchange, was one of the futures exchanges with the most stories, and here, there were several classic forced positions in the history of Chinese futures.

The M506 palm oil futures contract is one of them.

The M506 palm oil futures contract is a contract for delivery in June 95, the trading variety is RBD palm oil, the delivery grade meets the trade specifications of the Malaysian Refiners Association of 24° refined palm oil, the trading unit is 5 tons per lot, the minimum change price is 1 yuan, the maximum daily fluctuation is limited to plus or minus 200 yuan of the settlement price of the previous trading day, the trading time is 9:00-10:00 a.m. from Monday to Friday, and the trading margin is 5%.

In addition, there is a provision that when the trading price of three different months of a listed product fluctuates in one day and reaches the limit amount, the limit amount will be automatically increased by 50%.

Ninety-five years ago, due to the decline in global palm oil production, while the demand was strong in the same period, the international palm oil market continued to soar.

However, in the ninety-five years, the price of palm oil in the international market has begun to slowly fall after reaching its peak.

At this time, with the main funds of the domestic bulls, they began to intervene in the palm oil of the China Commercial Exchange, so that the contract price of the China Commercial Exchange was much higher than the price of the international market, so that many importers and even the main bears took advantage of the loose delivery system of the exchange to import a large number of palm oil from abroad at a low price, quickly put it into the warehouse for registration, and then sold a large number of warehouse receipts directly in the futures market.

In other words, importers and individual shorts regard the futures market as the most convenient spot sales channel, thus forming a heavy spot real pressure.

In this way, importers regard the futures market as a spot market, and the futures market lacks real demander intervention, and most of the parties are single speculative buying, which eventually led to the collapse of palm oil, which is known as the "M506 incident" in the history of China Futures.

When Chen Chu was about to peak this contract, he entered his first order in Jinshun Futures Brokerage Company on the reporting network......

"Xiao Chen, did you enter that list just now?!"

The hour hand points to 9:40, 18 minutes before the opening of Jinshun Futures, and 20 minutes before the close of trading in the palm oil futures contract of Hainan China Commercial Exchange.

At this time, Wang Liang, the boss of Jinshun Futures Brokerage Company, who was busy with the opening ceremony downstairs, quickly rushed into Chen Chu's room.

"Yes, I opened a short position."

Seeing that Wang Liang was sweating on his forehead, he obviously came in a hurry after receiving the report, no need to think about it, Chen Chu also knew that Wang Liang was worried about him, so Chen Chu's eyes had a few traces of gratitude written in his eyes.

"Dude, you're dizzy!" As he spoke, Wang Liang had already rushed behind Chen Chu, his fingers were constantly amplifying his positions, and his voice was as high as a scream, "The main force of the bulls of M506 is very powerful...... Hi! I'm not afraid of violating the rules, Xiao Chen, let's be honest, our self-operated market is after this main force, and the boss of this main force said that if he doesn't make M506 10,000 yuan, he will withdraw from the capital market in Huaxia! ”

I'll go! It's also TM to do tens of thousands! I'll see how he ended up this time!

Regarding the trend of M506, in the space where Chen Chu is located, no one knows better than him.

At the end of March, M506, which had been sideways for more than a month at 9,300 yuan/ton, began to exert upward force, and on March 28, 95, that is, today, the open interest of this contract reached an all-time high.

When Chen Chu quoted just now, the futures price came to 9580 yuan/ton, which was only a dozen points away from the high point of this round.

"Mr. Wang, you won't stop my empty commission, right?!" After the slander, Chen Chu realized the seriousness of the problem, seeing Wang nodded, Chen Chu was a little anxious, he stood up and handed the phone on the table to Wang Liang, "What's the matter with you?!" Didn't you say that I would be responsible? Mr. Wang, hurry up, give me an offer! ”

Wang Liang looked at Chen Chu with the phone, as if he still wanted to persuade him, seeing the decisiveness on Chen Chu's face, Wang Liang pressed a few numbers and said: "Xiao Liu, truthfully report the entrustment of room 618 to the venue." ”

After that, Wang Liang let out a long sigh and looked at Chen Chu helplessly, as if he was grieving for Chen Chu:

This b boy is so capable of "doing" that he is going to die with a full warehouse! I don't know if it will affect the opening of Jinshun!

Chen Chu didn't have time to deal with Wang Liang, who was suffering from gains and losses, he quickly pulled out the transaction return screen from the trading software, and he was the boss's grievance in his heart:

Nima's! I can buy whatever I like, you almost didn't have the good intentions to do a bad thing!

In Chen Chu's secret thoughts, the monitor began to continuously transmit his transaction returns, Wang Liang, who was standing behind Chen Chu, although he was still scolding Chen Chu in his heart that he was sending him to death, but Chen Chu's constantly flipping transaction report page numbers stimulated Wang Liang to clench his fists, and secretly enjoyed Chen Chu.

At this moment, the thunderous and long-lasting sound of firecrackers came from outside the window.

At 9:58 a.m. on March 28, 1995, when the business department of Changhe City Trade Building of Jinshun Futures Brokerage Company opened, Chen Chu turned the 6 million funds in his hand into a short contract of 2500 lots (5 tons per lot, 5% trading margin) at an average price of 9,583 yuan/ton......

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