Pan Qifang, the representative of Jiangxi Copper Securities Affairs, made no secret of his losses in futures. He said that Jiangxi Copper, whose main business is copper production, judged that the global copper supply was slightly surplus in the first half of 2005, and the inventory gradually picked up, and the price of copper might decline. In order to ensure the profitability of products, Jiangxi Copper chose to sell some copper futures contracts in the futures market for hedging.

Jiangxi Copper not only processes its own copper mine, but also imports a large number of raw materials such as copper concentrate and waste copper for processing and production, and the import prices of these raw materials are getting higher and higher because of the rising copper price in the international market. Once the international copper price falls, high-priced raw materials will bring huge losses to Jiangxi copper industry without futures hedging. Pan Qifang said that the futures investment of Jiangxi Copper is to avoid the fluctuation of raw material prices and lock in the profit of this processing fee.

According to He Changming, chairman of Jiangxi Copper, by the end of June 2005, Jiangxi Copper had produced 226,600 tons of copper, one third of which was hedged in the futures market according to the target price. Jiangxi Copper owns future positions in Shanghai Futures Exchange and London Metal Exchange.

This 70,000-ton futures short position is roughly equivalent to the copper produced by Jiangxi Copper in the first half of the year, and it is this part of the contract that caused huge losses.

In the first half of this year, the average copper price sold by Jiangxi Copper Industry was 32,893 yuan (28 1 14 yuan after deducting 17% value-added tax), up 29% year-on-year. In the futures market, the selling price of Jiangxi Copper is 32,000 yuan, which is lower than the direct selling price.

Pan Qifang said that because the copper spot market has a considerable premium compared with the futures market (the spot price is higher than the futures delivery price), Jiangxi Copper chose to close its position in the futures market and sell it in the spot market to complete the overall hedging. However, due to the high closing price, a loss of 250 million yuan was generated.

According to the calculation, the hedging scale of more than 70,000 tons is about 3,000 yuan per ton, so the actual closing price of Jiangxi Copper is about 35,000 yuan per ton.

With the international copper price hitting a record high continuously, the expectation of copper price in the international market is increasingly divided. Pan Qifang said that Jiangxi Copper may not increase its hedging efforts, but it will continue to hedge the processed parts of imported raw materials.

At present, there are more than 654.38+0.300 copper processing enterprises in China, including about 700 medium-sized enterprises, with an annual copper processing capacity of more than 5 million tons. In 2005, the actual consumption was about 6.5438+0.2 million tons, the consumption exceeded 3.5 million tons, and the transaction volume exceeded 65.438+0.000 billion. Even if the proportion of trading futures is small,

The losses caused by these hedging companies should be considered from their profits in the spot field. Generally speaking, these companies have made considerable profits steadily, but reduced their total profits. However, the person also pointed out that a very important reason for the large losses of Jiangxi Copper and Yuguang Gold and Lead is that the professional research level of these enterprises needs to be improved, there is a big deviation in determining the target price of hedging, and the stop loss operation needs to be mature.

The gap between research and operation ability is an important reason why many enterprises lose money in futures investment when they enter the international market. There are few varieties in China futures market, and quite a few enterprises should hedge their risks in the international market. However, because most of their opponents are experienced foreign speculative funds, if they misjudge the price, they will soon encounter "sniper".

Therefore, speculation in the international market is not the main reason for the loss of China's futures investment. If there is no speculative part in futures investment, it will never find a reasonable price, and even if it lacks sufficient speculative ability, it will suffer undue losses. "If Jiangxi Copper's target price is more reasonable and the liquidation is faster, they will not lose so much in futures and their profits will be higher."

In fact, following the changes of market trends, finding the difference between the existing price and the actual value, and controlling the appropriate speculation of positions will even help the market to be active and improve the operation level. The profits gained from this speculation, including the losses caused, are acceptable.