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Chinese hedge fund Shanghai Chaos closes out copper short

Section: Daily Dispatches

By Henry Sanderson
Financial Times, London
Sunday, July 5, 2015

A Chinese hedge fund that made a huge bet against copper has closed out its entire position in the metal, as the selloff in the country’s stock market forces investors to pull money out of other markets.

A unit of Shanghai Chaos, a fund that held the biggest short position in Shanghai copper, was no longer in the top 20 holders of short copper contracts Friday, data from the Shanghai Futures Exchange showed.

Chinese hedge funds rely on retail investors much more than their Western counterparts. It is not clear whether Shanghai Chaos made the copper move as a trading decision or because it needed to return money to investors. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/aadf1092-2193-11e5-ab0f-6bb9974f25d0.html



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