The abrupt reversal in China’s stock market has produced one unlikely beneficiary: copper.
Though heavily tied to the fortunes of the Chinese economy, copper was the only large industrial commodity that rose yesterday. That may reflect Chinese hedge funds scrambling to buy back bearish bets against the metal, as they faced rising margin calls from the equity market.
Many Chinese funds had bet that a slowing economy would weigh on copper while a subsequent loosening of monetary policy would boost equities, leading them to take opposing positions in the two markets.
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