A Chinese brokerage has helped fuel the sharp rally in the price of copper since the end of the Lunar Year Holiday by amassing a $1bn bet in less than a week.
Shanghai Dalu has increased its holding of Chinese copper futures to almost 24,000 lots from 2,500, since Thursday, according to the latest data from the Shanghai Futures Exchange. The new figure is equivalent to 120,000 tonnes of the metal.
Dalu has also built a $200m copper position on the Shanghai International Energy Exchange, a subsidiary of the futures exchange.
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