Here's the story of how a rogue copper trader lost $1.2 billion for the Chinese government
Reuters
China couldn’t get enough copper in 2005. Copper is vital for industries ranging from manufacturing to telecommunications and China was the world’s manufacturing hotspot at the time. So it needed a lot of copper. But some in China were willing to bet money that copper prices were about to fall.
At one point in 2005, commodity traders around the world realized that China had placed massive bets that the price of copper would fall to US$3,300 a tonne by year-end, a drop of nearly 20 percent. Читать дальше...