The Financial Times gets a little closer to Lui Qibing, the man behind some bizarre trades roiling copper markets. While the Chinese government is painting him as a rogue trader, people close to him make a convincing case that there is more to it than that. Either way, the kerfuffle has caused another recent misfortune for Mr. Liu:
Class reunions are popular in China and last night a group of former Wuhan University students met in a Shanghai restaurant for a meal of hairy crab and Great Wall cabernet sauvignon. Unfortunately for the diners, the most famous class member could not make it.When they last met, Liu Qibing – the absent classmate – was an official at a little-known government agency in Beijing that deals in commodities. This weekend he is at the centre of what could become a large international trading scandal involving vast numbers of copper contracts on the London Metals Exchange.
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Every trader has to learn for himself not to double down and to cut losses, and it looks like China will have to learn that on its own as well. First the jet fuel and now copper.