The Son of Finance of the Great Age

  Chapter 192 Copper deposits

Not to mention the passionate Hamanaka Tainan, almost at the same time, in the financial district of Manhattan, on an avenue south of Central Park, inside the Quantum Fund, department heads and above were also discussing the past period of time in full swing. Investment Quotes.

   "How many more trading days do we have left?" Druckenmiller asked casually while tapping on the table.

Since the incident in Chile, their pre-established bottom positions have reaped a lot of profits, earning a profit of more than 500 million U.S. dollars. In addition, they made hundreds of millions of U.S. dollars in the copper futures market in the first half of the year. Make up for the loss from the yen futures. Now they are quietly withdrawing from the copper futures market, and will soon leave the market completely.

Now Druckenmiller's investment focus has shifted to U.S. treasury bonds and the stock market. Although the Federal Reserve has raised interest rates three times this year, the data of the U.S. economy is still extremely strong, and even the stock market has also risen a lot. Now it is Great time to switch back to the domestic market.

In addition to the US capital market, Druckenmiller also noticed the Russian market. Russia is currently suffering from severe inflation. In order to attract external funds, the government even issued short-term government bonds with an annual interest rate of up to 50%. A capital market is unimaginable.

   It's just that Russia is not yet open to foreign capital, and it is almost impossible to enter the Russian market through formal channels. But some Washington lobbyists are said to be running around Moscow trying to persuade Russia's top brass to open up their financial markets and make the ruble freely convertible. It's just that there is no clue about this matter. Not to mention Druckenmiller, even Federal Reserve Chairman Greenspan does not have much say in this matter.

   "Stanley, our position is only 5,000 lots, and it is estimated that it will be sold out in the next trading day." Hearing Druckenmiller's question, a department head who is mainly in charge of copper futures trading stood up and replied respectfully. He is McCann Sylvester, the deputy head of the commodity trading department, mainly responsible for non-ferrous metals in Europe.

  Hearing this answer, Druckenmiller nodded with satisfaction, and then asked the capital market department: "About the bond market, does any team have a position here? If so, how much is it?"

Immediately someone stood up, and replied respectfully like McCann Sylvester just now: "At present, our team holds a total of 2.5 billion U.S. dollars in ten-year national debt and thirty-year national debt. A short position of around $100 million was established in the futures market as a hedge."

   "What about the South American market?" Druckenmiller asked after a moment of pondering.

  Another executive-level person stood up, nodded slightly, and then began to report on the operations in markets such as Mexico, Brazil, and Argentina, and spit out a series of numbers quickly from his mouth.

  …

   After clarifying all the positions held, Druckenmiller gave a few more instructions and was about to adjourn the meeting. What I want to explain here is that the fund management of a large hedge fund is very complicated. Usually, the hedge fund is divided into different departments through different markets, and they are only responsible for one of the markets. These fund managers and their teams After passing the research, apply for the amount to the internal risk control department, and then open a position in the relevant market. If the loss reaches a certain level, you 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 devoted to a few of the markets. Now he is in charge of the exchange rate market and non-ferrous metals in bulk commodities. For other markets, he Just take the time to care about the income situation.

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

  Drukenmiller was taken aback for a moment, then waved his hand, signaling other department heads to leave first. After everyone else had left the meeting room, he sat down again and asked calmly, "McKen, is there something wrong with the copper futures market?"

"No, sir." McCann licked his lips and continued with some unease, "As for our manipulation in the copper futures market, it can be said that it is perfect, and the income has been gradually returned to the company's account. Sir, I What I want to say is that although we have gradually withdrawn from the copper futures market, the price of copper futures has not fluctuated greatly, and..."

Before he finished speaking, Druckenmiller interrupted him and looked at him with some disappointment: "McKen, you don't simply think that we are the only bulls in the copper futures market, do you? You know, although we I used external information once, but given the strong demand for copper in the current 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 narrowly, "What I want to say is that on the Chilean side, according to my reliable information there, the labor side seems to have lost control, and the negotiation with the management has reached a deadlock. Personally, I think this may be another good opportunity for another wave of promotion.”

   "Chile?" Druckenmiller was taken aback, and then fell into deep thought. McCann didn't dare to interrupt the thinking of the immediate boss, and carefully accompanied him. Five minutes later, Druckenmiller raised his head again, fixed his eyes on McCann, and asked word by word: "Macken, your news may cause us to suffer great losses, you know? If Chile does declare a strike, all our previous efforts to close positions will be in vain."

McCann only felt his head pounding, and immediately felt a little overwhelmed. His lips trembled for a long time, and then he said: "The news from Chile has not been confirmed, I will continue to inquire. .”

  That being said, he has made up his mind not to go into this muddy water again. What Druckenmiller said just now, he took it for granted that Druckenmiller was expressing his dissatisfaction, so he made up his mind to clear all positions on the second trading day.

  Drukenmiller thought that McCann fully understood his intention, nodded and left the conference room.

  …

  London, Zhong Shi is also discussing tomorrow's deal with traders.

   "Andrew, what is the situation of the thing I asked you to prepare?" Zhong Shi asked Andrew with a stern face, with a completely business-like attitude.

  Seeing Zhong Shi's appearance, several traders who originally wanted to joke a little bit shrank their heads, put away their joking thoughts, and put on a serious attitude.

   "Don't worry." Andrew was about to report, when he suddenly noticed that Zhong Shi had blinked at him, and Andrew, who came to understand, coughed lightly, straightened his throat and said solemnly, "Everything is ready."

  When he saw Zhong Shi giving him a wink, he knew that this matter was not suitable for a third person besides them to know, so he immediately swallowed what he wanted to say, and put another way of saying it.

"Very good!" Zhong Shi nodded, turned his head and said to the other traders: "Gentlemen, the day after tomorrow is the day for option execution. Although we currently have 25,000 long positions, I ask you to Continue to absorb long positions during the trading day, the specific price is around 2,750 US dollars, and a part of the price can be raised appropriately, but it cannot exceed 2,780 US dollars, and the target is 5,000 lots, how can it be done?"

The 5,000-lot buy order is distributed throughout the trading time, which is not a small amount. Therefore, when Zhong Shi announced the order, the faces of several traders changed. Among them, An Pete stood up, and some couldn't believe it. Asked rhetorically: "Mr. Zhong, if there is a skyrocketing phenomenon in the intraday market tomorrow, what should we do?"

  The situation he said may indeed happen. If Tianyu Fund sweeps up the goods strongly, the price of copper futures is likely to rise to 2,780 US dollars or even higher.

"Once we reach $2,780, we will close out 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, keep the Keep the price within this range, neither higher nor lower, you can see this as a test for you." Zhong Shi thought for a while and gave such an answer.

At this time, there are about 700 million U.S. dollars in their accounts, some of which are reserved for settlement purposes, and nearly 300 million U.S. dollars have been converted into cash copper by Zhongshi, and less than 200 million U.S. dollars can be used USD funds, so Zhong Shi decided to sell part of the position while maintaining the position, and realize the funds.

   "Okay!" After Zhong Shi's words, several traders gained confidence. They looked at each other and could see the joy in each other's eyes. This time Zhong Shi was able to let them manipulate, so they were naturally gearing up and preparing for a big fight.

Zhong Shi didn't care about them, he took Andrew aside and said quietly: "We will continue to push up the market until the day when the options are executed. The recent inventory situation announced by the LME has made it extremely difficult to rise Yes, this situation is suitable for us to sell while pulling up. I believe that there are many customers who are willing to accept our liquidation orders at low positions. After the options are executed, we will..."

Andrew listened carefully, and kept nodding. At this time, he had fully understood why Zhongshi asked him to trade the recently expired copper futures contract, and why he asked him to gradually transport all the spot copper into the LME warehouse. According to Zhong Shi's operation, it will be very difficult for copper futures prices not to rise.

Time passed quickly, Zhong Shi and Andrew were discussing here, and several traders over there were also discussing enthusiastically. After 30 minutes, they finally formulated a set of operation strategies, that is, open 5,000 lots at a high level tomorrow At the same time, the long positions absorbed more than a week ago are closed in the market, and the number is still set at 5,000 lots.

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  (end of this chapter)