Period City liquidity Flood "Zhejiang help" loans to the main wild fry Shanghai Copper

Since June, the Shanghai copper market has once again set the volume of trading volume, as at June 9, trading volumes reached 6.51 million hands, the transaction amount reached 131 million yuan. What drives the crazy volume of Shanghai copper for nearly two months?　　Reporter investigation found that the Zhejiang help as the representative of the funds to the market to promote a "deadlock."　　The main "Zhejiang gang" as of June 10 morning closing, Shanghai copper contract positions 460,000 hands, an increase of nearly 13,000 hands, turnover 615,000 hands.　　Since June, the Shanghai Copper market volume sharply enlarged, only 10 days, trading volume has reached nearly half of last month, compared to the same period last year about 5 times times.　　In fact, the enthusiasm for outside funding began to show in the early February this year.　　From January's 6.6 million hand trading volume to February of 9.33 million hands, one months jumped more than 2 million hands, trading capital increased by 30.735 million yuan; in the middle of April, the quantity is upgraded again--in March 13.68 million hands, the month again increased 5.24 million hands, the total amount of capital increase to 134 million yuan.　　In order to copper-dominated non-ferrous metal varieties of strong volume, the Shanghai Futures exchange traded in April to the historic highs.　　In this wave of enthusiasm, the futures market has been renowned for "Zhejiang Help" still along with the former main position.　　June 10, Shanghai Futures Exchange member transactions and position list, with a view to the main copper contract cu0909 as an example, Zhejiang help-Zhejiang Yongan futures, Zhejiang China major futures-occupy the top 5 two seats, Zhejiang Department of capital Transactions accounted for nearly 50%.　　In addition to the main contract cu0909, June 10, in the period of copper cu0910 deal ranking, Zhejiang China Futures Trading volume ranked in the top three, Nanhua futures and Zhejiang Yongan futures are in 10-and 11-bit respectively.　　The reporter looked at nearly 10 trading days, the aforementioned Zhejiang help funds are basically similar.　　The ample money in the market for the period of the loan is related to the macro monetary policy. "There are two main sources of funding, some of which are in-field funds, that is, from other varieties, and partly from over-the-counter funds, mainly because of this year's state credit easing."　　Fang Junfeng, an analyst at the mid-term Shanghai branch, said. "The increase in liquidity is obvious to all, regardless of whether the future is an upturn in the economy and inflation, or stagnation of the economy, inflation is a necessity, so money began to enter the financial markets and commodity markets to avoid risk."　　"Galaxy Securities analyst car Red Cloud said. She believes that the current situation of the Shanghai copper market is closely related to the global financial market environment. Last week, Europe joined the printing presses.　　China continued to maintain 500 billion or 600 billion of its new lending quotas in 4 May, after completing its annual new lending quota for the first 3 months of the year.　　Reporters in the survey also found a "bank loans to the city" case.　　Zhejiang, a king surnamed trader, shouldering a company's capital of hundreds of millions of yuan, the enterprise engaged in real estate development nationwide. Last October, the trader's cash wasIt's only more than 3 million yuan.　　To March, the enterprise again entrusted to him 300 million yuan, said this is by the bank more than 1 billion yuan credit loan part, he is responsible for capital market investment.　　This April, Wang put money into the futures market, in the period of copper. Wang is the "Zhejiang Gang" from the Sugar futures market in a microcosm of copper.　　According to the said, last August, it will be nearly billion yuan from the sugar futures in the extraction, to enter the copper market before, are in the "rest" state. "Speculation is the capital feature behind enthusiasm. "The leader of the Galaxy Futures Zhejiang Branch," (in the recent period of copper market) Most people do short-term speculation.　　"Inventory dislocation under the multi-empty stalemate is good at short-term vicious war, accustomed to full warehouse operation," Kill "ran, to exquisite technical analysis and repeated sprint to win ultra-high returns, is the Zhejiang help in the futures market has been the consistent operation.　　However, in the Zhejiang Help, there is no previous kind of consistent combat status, there have been multiple Air division.　　June 10 in the position and trading table, cu0909 main contract, Zhejiang Yongan holding the third, the same, in the holding of sales volume, ranked second. "It's like a stalemate!" "Galaxy futures in Zhejiang, a network of related officials that the funds poured into the road, are in the waiting."　　Because the direction is not clear, many empty both sides are timid, long money dare not wantonly pulled up, bear also dare not suppress, the funds did not carry out fierce fighting, just reluctantly follow the external disk.　　The King surnamed Zhejiang Trader is a long representative, he thought that such a way of warfare is very different from the past-this is mainly because of the fog shrouded, the overall macro-policy and fundamental market differences, so that the direction of ambiguity.　　In terms of fundamentals, inventories, which reflect supply and demand, have long been a sensitive indicator of copper. In May this year, LME inventories continued to decline, as of May 22 LME copper Inventory of 330,000 tons, compared with February 25 nearly 550,000 tons of 35% decline.　　Meanwhile, the stock of copper in Shanghai rose from 15051 tonnes on April 23 to 33798 tonnes on May 21.　　This formed a strong "empty side" fundamentals. "There has been a big drop in LME inventories, a large chunk of which has flowed into China." Fang Junfeng that this was mainly caused by the Government's stockpiling and the excessive price difference between the inside and outside of the arbitrage imports of copper increased significantly.　　But it is worth exploring how much of the copper inflows into the domestic sector is worth pondering, and whether it will be possible to maintain such strong imports later. According to traders said, the current domestic inventory is larger, the spot pressure is heavier.