Chinese trading firm Zhongcai Futures has emerged as a big winner from the recent rout in silver, netting more than half a billion dollars from aggressive bets that the metal’s price would fall.
Zhongcai has booked profits of more than Rmb3.6bn ($519mn) since Friday morning after building up short positions in silver in late January, according to FT calculations based on disclosures to the Shanghai Futures Exchange.
Founded three decades ago by Bian Ximing as a manufacturer of PVC pipes before branching into futures trading, Zhongcai stands out as a rare silver bear in mainland China, even as a blistering rally in the metal gathered pace through January.
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