At the beginning of 2005 1 1.05, it was widely rumored in the international market that China State Material Reserve Bureau (hereinafter referred to as the State Reserve) would release 50,000 tons of stocks. Subsequently, the national reserve, which has always been low-key, suddenly held10.3 million tons of copper, causing all kinds of suspicions. A few days later, foreign news reported the mysterious disappearance of Liu, a trader engaged in copper trading on the London Metal Exchange on behalf of the State Reserve. The cover of the short quilt cover of the State Reserve was thus unveiled. International speculators are chasing after each other, and international copper prices have hit record highs. This bitter struggle didn't end until the end of 2005, but the result was doomed ... Who would have thought that by the end of 2005, the little-known national reserve would become the focus of international attention? Due to a large number of empty orders in copper futures trading on the London Metal Exchange, the floating loss is serious, and the trader Liu is mysteriously "missing" and his whereabouts are unknown. The national reserve has been pushed into the spotlight by the media all over the world. Looking back, people's hearts are still aching in the face of unhealed wounds: the loss of Zhuzhou Smelter in three days exceeded 654.38 billion US dollars; The cotton storage incident caused a loss of about 600 million yuan; The CAO incident caused a loss of $550 million ... The State Reserve Copper incident caused inevitable losses. Many people can't help asking: Why has China become a victim again? What's the problem? There are too many questions to reflect on. However, the voice of reflection is still weak, and people hear more excuses to shirk their responsibilities, including many optimistic and bizarre arguments. If we face the problem with this self-deception mentality, it is certain that the national copper reserve incident is by no means the last tragedy, and the curse of international speculators will come to us and bring us new painful memories. From the Zhuzhou Smelter incident to the State Reserve Copper incident, clumsy and stupid trading technology is another important reason why China enterprises have been besieged by state speculators. We have to sigh: our enterprise is too immature. For example, in terms of risk control, in the mature futures market of developed countries, risk control has developed into a complete system, and even predators like Soros and Buffett regard risk control as the first survival factor. However, we are completely different. Some media disclosed such a detail: the National Material Reserve Adjustment Center first had a trading team, and later Liu and another trader mainly engaged in trading. After that, the trader was transferred from his post, and Liu Sui became the only trader. Who would have thought that China's hundreds of millions of funds were actually in the hands of a young man? Who can guarantee that an impulsive young man will not get angry because of quarreling with his girlfriend in the futures market? This means that our risk control system is not too small, but does not exist at all. It is precisely because there is no risk control that Liu placed 8000 empty orders for copper for three months in September, and there has been no stop loss. In fact, since the "Zhuzhou Smelter Incident", Chinese enterprises have repeatedly repeated the same tragedy: they did not control risks, did not know how to stop losses, and finally forced themselves to the guillotine. Not only has risk control not been established, but the methods of China enterprises to deal with the crisis are also poor. The quilt was empty, and the State Reserve Bureau auctioned the reserved copper in Beijing to depress the price of copper. However, when the State Reserve auctioned this batch of copper, it turned out to be loud and even screaming, deliberately revealing the inventory of copper of 6.5438+0.3 million tons. The result was interpreted by state speculators as bluffing and guilty. What is even more puzzling is that in the fourth copper auction, the reserve copper reserve prices in Shanghai and Ningbo rose to 39,000 yuan/ton. As soon as the auction floor price was announced, it immediately led to the rise of Shanghai copper futures. By raising the auction price, the State Reserve seems to have made a little more money, but it has helped the bulls, making it even worse for domestic enterprises with demand for copper. After losing so much money, why bother about this petty profit? Worryingly, the decision of the State Reserve to extend the deadline has been praised by some media. Optimistic evaluation of this move may make the national reserve make a fortune. With such an ignorant and fearless attitude, how can we feel the approaching danger and take corresponding measures in time? Don't forget, in the Cao incident, Chen Jiulin's loss doubled from the potential $5.8 million to $550 million because of the delay, and it was in a state of perdition! Will international speculators let the national reserve escape from them this time? Compared with international professional speculators, our enterprise is not only naive, but also pitiful. Where is the root cause? This has a lot to do with China's conservative policy in the futures market. For a long time, we have restricted both domestic enterprises from engaging in futures trading abroad and foreign companies from engaging in futures trading in China, which not only makes Chinese enterprises lack the opportunity to exercise in the futures market, but also makes them develop the bad habit of relying on "advanced" information to attract retail investors. Some people evaluate our enterprise: internal experts and external laymen. More importantly, in terms of bulk commodities, although China is a big consumer, due to the closed futures market, fair and full competition cannot be formed, and the pricing system recognized by western countries cannot be formed, resulting in our lack of pricing power in basic commodities such as oil and metals. Perhaps, the authorities concerned are worried that China enterprises will be easily attacked by state speculators in the international futures market, so they have imposed strict restrictions. But now it seems that this restriction is invalid, or will there be no "Zhuzhou Smelter Incident" one after another? Since the restrictions are invalid, why not gradually open the China futures market, so that enterprises can gradually mature in the game of opening the futures market? Moreover, once our futures market truly becomes an international game place, then, relying on the strong advantage of the country's first buyer, we will have the opportunity to gradually grasp the pricing discourse power of bulk commodities. Then grasp the initiative of the international market, get rid of the passive situation that iron ore and other commodities are subject to foreign countries everywhere, ensure the national economic security, and realize the leap from an economic power to an economic power. In this sense, it is not only necessary but also urgent to open the futures market and make China's futures market integrate with the international market as soon as possible.