China's costly copper fiasco

The Chinese government could be facing hundreds of millions of dollars in losses after a state metals trader took a huge short position in copper futures. Thought to be as much as 200,000 tonnes, it triggered speculation that the Chinese government is struggling to meet the December delivery deadline, driving prices to record highs.

Three-month copper futures traded on the London Metals Exchange hit a record high of $4,220 a tonne on November 18, a rise of 39.5% since the beginning of the yea

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