China is sitting on a profit of nearly $1.5bn (€1.08bn) from a bold trading strategy in copper based on expectations of an emerging markets-led boom.
Beijing’s bet that a ‘super- cycle’ in metals markets would keep copper prices high, despite the financial crisis, has paid off, according to dealers’ calculations. The substantial paper profits come after China’s State Reserves Bureau, the official body in charge of the country’s strategic commodities reserves, mopped up copper surpluses last year when the crisis was at its worst and prices had tumbled.
As demand for metals has recovered, copper markets have tightened dramatically and prices have soared.
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