Not to mention the proud Yasuo Hamanaka, almost at the same time, in Manhattan's financial district, on an avenue south of Central Park, the interior of the Quantum Fund, department heads and above were also discussing the investment market in the past period of time.

"How many positions do we still have, and how many more trading days will it take to clear them?" Druckenmiller asked nonchalantly as he banged on the table.

Since the Chilean incident, they have made a bumper harvest by establishing a haode bottom position in advance, making a profit of more than 500 million US dollars, plus hundreds of millions of US dollars in the copper futures market in the first half of the year, and have completely made up for the losses from yen futures. Now they are quietly retreating from the copper futures market and will soon be completely out of the market.

Now that Druckenmiller's investment focus has shifted to Treasuries and equities, the Fed has raised interest rates repeatedly this year, but the U.S. economy has been strong and the stock market has risen a lot, and now is the time to turn back to the domestic market.

In addition to the U.S. capital market, Druckenmiller also noticed that the Russian market, which is now suffering from severe inflation, and the government has issued short-term treasury bonds with an annual interest rate of up to 50% in order to attract external funds, which is unimaginable in any capital market.

It's just that Russia has not yet opened up to foreign capital, and it is almost impossible to enter the Russian market through formal channels. But certain lobbying teams in Washington are said to be running around Moscow trying to persuade Russia's top brass to open up their financial markets. At the same time, the ruble is freely convertible. It's just that there is no clue about this matter, not to mention Druckenmiller, even Fed President Greenspan does not have much say in this matter.

"Stanley, we only have 5,000 lots in our position, and it is estimated that it will be exhausted in the next trading day." Hearing Druckenmiller's question, a department head who was primarily in charge of copper futures trading stood up and replied respectfully. He is the Deputy Head of Commodities Trading at McCann. Sylvester, which is mainly responsible for non-ferrous metals on the European side.

Hearing this answer, Druckenmiller nodded in satisfaction and then asked the Capital Markets Department: "About the bond market." Is there a team with a position here? If there is a position. How much exactly? ”

Someone then stood up and said to McCann. Sylvester, in the same vein, replied respectfully: "At present, our team holds a total of $2.5 billion in 10-year Treasuries and 30-year Treasuries, and has also established a short position of about $100 million in the futures market as a hedge. ”

"What about the South American market?" Druckenmiller groaned slightly. He then asked.

Another director-level man stood up. After a slight nod, he began to report on his operations in markets such as Mexico, Brazil and Argentina. Strings of numbers spat out of his mouth at a rapid pace.

……

After clarifying all the positions, Druckenmiller gave a few more commands and prepared to adjourn the meeting. Here's what to say: The fund management of a large hedge fund is very complex, and the usual situation is that the hedge fund is divided into different departments through different markets, and each other is only responsible for one of the markets, these fund managers and their teams apply for the amount from the internal risk control department after research, and then open a position in the relevant market, if the loss reaches a certain level, it may be ordered to stop trading by the risk control department.

Therefore, even if Druckenmiller is in charge of the fund management of the entire fund, his energy can only be put into a few of these markets, and now he is in charge of the exchange rate market and the non-ferrous metals in commodities, and he only finds time to care about the returns in other markets.

"Stanley, please wait a minute." Just as Druckenmiller was about to get up and leave, McCann suddenly stopped him.

Druckenmiller was stunned for a moment, then waved his hand and motioned for the other department heads to leave first. After everyone else had left the conference room, he sat down again and asked calmly, "McCann, is there something wrong with the copper futures market?" ”

"No, sir." McCann licked his lips and continued with some uneasiness, "Regarding our manipulation of the copper futures market, it can be said that it is very perfect, and the earnings have gradually returned to the company's account. Sir, I would like to say that although we have gradually withdrawn from the copper futures market, the price of copper futures has not fluctuated much, and it has ......"

Before he could finish his sentence, Druckenmiller interrupted him and looked at him with some disappointment: "McCann, you don't simply think that we are the only bulls in the copper futures market, do you?" You know, although we have taken advantage of external information this time, with the current strong demand for copper in the market, even if we suddenly leave this market, I am afraid that the price of copper will not fall much. ”

"Sir, I'm not talking about that." McCann replied somewhat narrowly, "I would say that the Chilean side, based on my reliable intelligence there, seems to be out of control and negotiations with management are deadlocked, and I personally think this could be a good opportunity for another wave of growth." ”

"Chile?" Druckenmiller was stunned for a moment, and then fell into deep thought, and McCann did not dare to interrupt the thinking of the top boss, and carefully accompanied him. It was only after five minutes that Druckenmiller raised his head again, his eyes fixed on McCann, and asked word by word, "McCann, this news of yours could cause us a major loss, you know?" If the Chilean side does declare a strike, then all our previous efforts to close positions will be in vain. ”

McCann only felt a bang in his head, and immediately felt a little overwhelmed, his lips trembled for a long time, and then he burst out with a sentence: "The news from the Chilean side has not been confirmed, I will continue to inquire." ”

That being said, he had made up his mind not to wade into this muddy water again. What Druckenmiller said just now, he took for granted that Druckenmiller was expressing his displeasure, so he made up his mind to prepare to empty all positions on the second trading day.

Druckenmiller, however, thought McCann fully understood his intentions, nodded and left the room.

……

In London, Bell Stone is also discussing tomorrow's trade with traders.

"Andrew, what's the current situation of what I asked you to prepare?" Zhong Shi's face was grim, and he asked Andrew without a smile, completely with a businesslike attitude.

Seeing Zhong Shi's appearance, several traders who originally wanted to laugh shrank their heads, put away their ridiculous thoughts, and changed to a serious and serious attitude.

"Don't worry." Andrew was about to open his mouth to report, when he suddenly found that Zhong Shi winked at him, and Andrew, who knew it, coughed lightly, straightened his throat and said seriously, "Everything is ready." ”

When he saw Zhong Shi give him a look, he knew that this matter was not suitable for a third person other than them to know, and what he wanted to say suddenly swallowed back into his stomach and changed to another set of words.

"Good!" Zhong Shi nodded, turned to the other traders and said, "Gentlemen, the day after tomorrow is the day of option exercise. Although we currently have a long position of 25,000 lots, I ask you to continue to absorb long positions in tomorrow's trading day, the specific price is around $2,750, you can increase part of the price appropriately, but not more than $2,780, the target is 5,000 lots, how, can you do it? ”

A buy order of 5,000 lots is also a lot of money distributed throughout the trading hours of the whole day, so when Zhong Shi announced the order, the faces of several traders changed, among which Ampet stood up and asked in disbelief: "Mr. Zhong, if there is a sharp rise in intraday tomorrow, then what should we do?" ”

The situation he said is indeed possible, and if the Tianyu Fund is strong in the case of a strong sweep, the price of copper futures is likely to rise to $2,780 or even higher.

"Once we reach the $2,780 level, close our low positions in chronological order, as long as the price is maintained above $2,750. Gentlemen, this is your first time manipulating the market, remember, to keep the price within this range, neither above this area nor too low, you can see this as a test for me to you. Zhong Shi thought about it and gave such an answer.

At this time, there were about 700 million US dollars in their account, some of which were set aside for settlement, and nearly 300 million US dollars were converted into cash copper by Zhongshi, and less than 200 million US dollars could be used, so Zhongshi decided to sell part of his position and realize the funds while maintaining his position.

"Good!" After Zhong Shi's words, several traders had confidence, they glanced at each other, and they all saw the joy in each other's eyes. This time, Zhong Shi was able to let them manipulate, and they were naturally gearing up and ready to do a big job.

Zhong Shi didn't care about them, he took Andrew aside and whispered: "Wait until the day the option is exercised, we will continue to pull up in the market." The recent inventory situation announced by the LME has made it extremely difficult to rise, and this situation is suitable for us to pull up and ship at the same time. I believe that many customers are willing to take our closing orders at the low level, and we will ...... after the option is exercised."

Andrew listened carefully and kept nodding, he had fully understood at this time, Zhong Shi had asked him to trade the recently expired copper futures contract, and Weishenme asked him to gradually transport all the spot copper into the LME warehouse, according to Zhong Shi's operation, it was difficult for the price of copper futures not to rise.

Time passed quickly, Zhong Shi and Andrew were discussing here, and several traders over there were also discussing enthusiastically, and after 30 minutes, they finally developed a set of operational strategies, that is, while opening a long position of 5,000 lots at a high level tomorrow, close the long position that was absorbed more than a week ago in the market, and the number is still set at 5,000 lots. (To be continued......)

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