Chinese hedge funds are providing margin finance for leveraged bets on the country’s booming commodity futures market, in an echo of the practices that led to last year's stock market boom and bust.
Futures prices for the so-called ferrous complex of steel, iron ore, coking coal and coke have risen sharply this year as Chinese fiscal and monetary stimulus has produced a revival of construction activity in real estate and infrastructure.
Rising commodity prices have in turn fuelled speculation in the futures markets. Turnover for front month coking coal futures traded in Dalian hit Rmb1.2tn in October, the second-largest month on record behind April, when China was first gripped by a commodities mania.
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